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<SEC-DOCUMENT>0000930413-08-006446.txt : 20081106
<SEC-HEADER>0000930413-08-006446.hdr.sgml : 20081106
<ACCEPTANCE-DATETIME>20081106133214
ACCESSION NUMBER:		0000930413-08-006446
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20080831
FILED AS OF DATE:		20081106
DATE AS OF CHANGE:		20081106
EFFECTIVENESS DATE:		20081106

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK INSURED MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0001181187
		IRS NUMBER:				000000000
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21178
		FILM NUMBER:		081166340

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKROCK MUNICIPAL INCOME TRUST III
		DATE OF NAME CHANGE:	20020819
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>c55238_n-csr.htm
<TEXT>

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<P align="center">
<FONT face="serif">UNITED STATES </FONT><BR>
<FONT face="serif"> SECURITIES AND EXCHANGE COMMISSION</FONT><BR>
<FONT face="serif">Washington, D.C. 20549 </FONT></P>
<P align="center">
<B><FONT face="serif">FORM N-CSR </FONT></B></P>
<P align="center">
<B><FONT face="serif">CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT </FONT></B><BR>
<B><FONT face="serif">INVESTMENT COMPANIES </FONT></B></P>
<P align="left">
<FONT size=2 face="serif">Investment Company Act file number 811-21178 </FONT></P>
<P align="left">
<FONT size=2 face="serif">Name of Fund: BlackRock Insured Municipal Income Trust (BYM) </FONT></P>
<P align="left">
<FONT size=2 face="serif">Fund Address: 100 Bellevue </FONT></P>

<P align="left"><FONT size=2 face="serif">Parkway, Wilmington, DE 19809 </FONT></P>
<div style="margin-left:21px;text-indent:-21px">
  <p align="left"><font size=2 face="serif">Name and address of agent for service:
      Donald C. Burke, Chief Executive Officer, BlackRock Insured Municipal Income
      Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address:
      P.O. Box 9011, Princeton, NJ, 08543-9011 </font></p>
</div>
<P align="left"><FONT size=2 face="serif">Registrant&#146;s telephone number, including area code: (800) 882-0052, Option 4 </FONT></P>
<P align="left">
<FONT size=2 face="serif">Date of fiscal year end: 08/31/2008 </FONT></P>
<P align="left">
<FONT size=2 face="serif">Date of reporting period: 09/01/2007 &#150; 08/31/2008 </FONT></P>



<HR noshade align="center" width="100%" size=4>
<P align="left" style="page-break-before:always"></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="8%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="92%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE="2" FACE=ARIAL>Item 1. </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE="2" FACE=ARIAL>Report to Shareholders. </FONT></P>
</TD>
</TR>
</TABLE>
<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="70%">
<TR style="font-size:1px">
<TD WIDTH="10%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="14%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="14%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="25%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>EQUITIES</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP nowrap>
<P><FONT SIZE=1 FACE=ARIAL>FIXED INCOME</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP nowrap>
<P><FONT SIZE=1 FACE=ARIAL>REAL ESTATE</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>LIQUIDITY</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>ALTERNATIVES</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP nowrap>
<P><FONT SIZE=1 FACE=ARIAL>BLACKROCK SOLUTIONS</FONT></P>
</TD>
</TR>
</table>
<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP BGCOLOR=BLACK>
<P>&nbsp;</P>
</TD>
<TD WIDTH="50%" VALIGN=TOP BGCOLOR=BLACK>
<P>&nbsp;</P>
</TD>
<TD WIDTH="45%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=5 COLOR=WHITE FACE=ARIAL>Annual Report</FONT></P>
</TD>
<TD ROWSPAN="3" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=3 FACE=ARIAL><BR>
 <FONT SIZE=2 FACE=ARIAL><IMG SRC="c54824001.jpg" ALT="(BLACKROCK LOGO)"></FONT></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=3 COLOR=WHITE FACE=ARIAL>AUGUST 31, 2008</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR=BLACK>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#7897C3">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#7897C3">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN:0IN'><FONT SIZE=3 COLOR="#1E5F95"  FACE=ARIAL>BlackRock
 Insured Municipal Income Investment Trust (BAF)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN:0IN'><FONT SIZE=3 COLOR="#1E5F95"  FACE=ARIAL>BlackRock
 Insured Municipal Income Trust (BYM)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN:0IN'><FONT SIZE=3 COLOR="#1E5F95"  FACE=ARIAL>BlackRock
 Municipal Bond Investment Trust (BIE)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN:0IN'><FONT SIZE=3 COLOR="#1E5F95"  FACE=ARIAL>BlackRock
 Municipal Bond Trust (BBK)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN:0IN'><FONT SIZE=3 COLOR="#1E5F95"  FACE=ARIAL>BlackRock
 Municipal Income Trust II (BLE)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN:0IN'><FONT SIZE=3 COLOR="#1E5F95"  FACE=ARIAL>BlackRock
 California Insured Municipal Income Trust (BCK)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN:0IN'><FONT SIZE=3 COLOR="#1E5F95"  FACE=ARIAL>BlackRock
 California Municipal Bond Trust (BZA)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN:0IN'><FONT SIZE=3 COLOR="#1E5F95"  FACE=ARIAL>BlackRock
 California Municipal Income Trust II (BCL)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN:0IN'><FONT SIZE=3 COLOR="#1E5F95"  FACE=ARIAL>BlackRock
 Maryland Municipal Bond Trust (BZM)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN:0IN'><FONT SIZE=3 COLOR="#1E5F95"  FACE=ARIAL>BlackRock
 New Jersey Municipal Bond Trust (BLJ)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN:0IN'><FONT SIZE=3 COLOR="#1E5F95"  FACE=ARIAL>BlackRock
 New York Insured Municipal Income Trust (BSE)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN:0IN'><FONT SIZE=3 COLOR="#1E5F95"  FACE=ARIAL>BlackRock
 New York Municipal Bond Trust (BQH)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN:0IN'><FONT SIZE=3 COLOR="#1E5F95"  FACE=ARIAL>BlackRock
 New York Municipal Income Trust II (BFY)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN:0IN'><FONT SIZE=3 COLOR="#1E5F95"  FACE=ARIAL>BlackRock
 Virginia Municipal Bond Trust (BHV)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>NOT
 FDIC INSURED</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>MAY
 LOSE VALUE</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>NO
 BANK GUARANTEE</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM COLSPAN=2>
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Table of Contents</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>

<TR style="font-size:5 px" bgcolor=#E7ECF6>

<TD VALIGN=TOP style="border-top: 2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top: 2px solid #1E5F95">&nbsp;

</TD>
</TR>
<TR BGCOLOR=#E7ECF6>

<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Page</B></FONT></P>
</TD>
</TR>
<TR style="font-size:5 px" bgcolor=#E7ECF6>

<TD VALIGN=TOP style="border-bottom: 2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom: 2px solid #1E5F95">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL><A  HREF="#A001">A Letter to Shareholders</A></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL><B>Annual Report:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL><A  HREF="#A002">Trust Summaries</A></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL><A  HREF="#A003">The Benefits and Risks of Leveraging</A></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>18</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL><A  HREF="#A004">Swap Agreements</A></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>18</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Financial
 Statements:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#A005">Schedules
 of Investments</A></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>19</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#A006">Statements
 of Assets and Liabilities</A></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>52</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#A007">Statements
 of Operations</A></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>55</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><A HREF="#A008">Statements
 of Changes in Net Assets</A></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>58</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL><A  HREF="#A009">Financial Highlights</A></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>61</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL><A  HREF="#A010">Notes to Financial Statements</A></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>75</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL><A  HREF="#A011">Report of Independent Registered Public Accounting Firm</A></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>85</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL><A  HREF="#A012">Important Tax Information</A></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>86</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL><A  HREF="#A013">Disclosure of Investment Advisory Agreement and Subadvisory
 Agreement</A></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>87</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL><A  HREF="#A014">Automatic Dividend Reinvestment Plans</A></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>90</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL><A  HREF="#A015">Officers and Trustees</A></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>91</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL><A  HREF="#A016">Additional Information</A></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>95</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>2</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM COLSPAN=2>
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL><A NAME="A001"></A>A Letter to Shareholders</FONT></P>
 </TD>
 </TR>
</TABLE>

<div style="border-left:solid black 1px;margin-left:13%">

<P style='margin-left:2%'><FONT SIZE=2 FACE=ARIAL><B>Dear Shareholder</B></FONT></P>

<P style='margin-left:2%'><FONT SIZE=2 FACE=ARIAL>It has been a tumultuous year for investors, marked by
almost daily headlines related to the beleaguered housing market, rising food
and energy prices, and the escalating credit crisis. The news took an extraordinarily
heavy tone shortly after the close of this reporting period as the credit
crisis boiled over and triggered unprecedented failures and consolidation in
the financial sector, stoking fears of a market and economic collapse and
prompting the largest government rescue plan since the Great Depression.</FONT></P>

<P style='margin-left:2%'><FONT SIZE=2 FACE=ARIAL>Through it all, the Federal Reserve Board (the &#147;Fed&#148;) has
been aggressive in its attempts to restore order in financial markets. Key
moves included slashing the target federal funds rate 325 basis points (3.25%)
between September 2007 and April 2008 and providing numerous cash injections
and lending programs. As the credit crisis took an extreme turn for the worse
in September, the Fed, in concert with five other global central banks, cut
interest rates by 50 basis points in a rare move intended to stave off
worldwide economic damage from the intensifying financial market turmoil. The
U.S. economy managed to grow at a slow-but-positive pace through the second
quarter of the year, though the recent events almost certainly portend a global
economic recession.</FONT></P>

<P style='margin-left:2%'><FONT SIZE=2 FACE=ARIAL>Against this backdrop, U.S. stocks experienced intense
volatility (steep declines and quick recoveries), generally posting losses for
the current reporting period. Small-cap stocks fared significantly better than
their larger counterparts. Non-U.S. markets followed the U.S. on the way down
and, notably, decelerated at a faster pace than domestic equities &#151; a stark
reversal of recent years&#146; trends, when international stocks generally outpaced
U.S. stocks.</FONT></P>

<P style='margin-left:2%'><FONT SIZE=2 FACE=ARIAL>Treasury securities also traded in a volatile fashion, but
rallied overall (yields fell and prices correspondingly rose), as the broader
flight-to-quality theme persisted. The yield on 10-year Treasury issues, which
fell to 3.34% in March, climbed to the 4.20% range in mid-June as investors
temporarily shifted out of Treasury issues in favor of riskier assets (such as
stocks and other high-quality fixed income sectors), then declined again to
3.83% by period-end when credit fears resurfaced. Tax-exempt issues posted
positive returns, but problems among municipal bond insurers and the collapse
in the market for auction rate securities pressured the group throughout the
course of the past year. Economic and financial market distress also dampened
the performance of high yield issues, which were very volatile due to the macro
factors noted above.</FONT></P>

<P style='margin-left:2%'><FONT SIZE=2 FACE=ARIAL>Overall, severe market instability resulted in mixed results
for the major benchmark indexes:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="84%" style='margin-left:2%'>
<TR style="font-size:1px">
<TD WIDTH="74%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Total
 returns as of August 31, 2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN="CENTER"><FONT SIZE=1  FACE=ARIAL><B>6-month</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN="CENTER"><FONT SIZE=1  FACE=ARIAL><B>12-month</B></FONT></P>
</TD>
</TR>
<TR style="font-size:1px">
<TD VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>U.S.
 equities (S&amp;P 500 Index)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(2.57</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(11.14</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>)%</FONT></P>
</TD>
</TR>
<TR style="font-size:1px">
<TD VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Small
 cap U.S. equities (Russell 2000 Index)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>8.53</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(5.48</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1px">
<TD VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>International
 equities (MSCI Europe, Australasia, Far East Index)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(10.18</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(14.41</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1px">
<TD VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Fixed
 income (Lehman Brothers U.S. Aggregate Index)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>0.18</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5.86</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1px">
<TD VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Tax-exempt
 fixed income (Lehman Brothers Municipal Bond Index)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5.12</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4.48</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1px">
<TD VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>High
 yield bonds (Lehman Brothers U.S. Corporate High Yield 2% Issuer Capped
 Index)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>0.74</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(0.66</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1px">
<TD VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:1px solid black">&nbsp;

</TD>
</TR>
<TR style="font-size:5px">
<TD VALIGN=TOP >&nbsp;

</TD>
<TD VALIGN=TOP >&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP >&nbsp;

</TD>
<TD VALIGN=TOP >&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP >&nbsp;

</TD>
<TD VALIGN=TOP >&nbsp;

</TD>
</TR>

</TABLE>

<div style='margin-left:2%'><FONT SIZE=1 FACE=ARIAL>Past
performance is no guarantee of future results. Index performance shown for
illustrative purposes only. You cannot invest directly in an index.</FONT></div>

<P style='margin-left:2%'><FONT SIZE=2 FACE=ARIAL>Through periods of market turbulence, as ever, BlackRock&#146;s
full resources are dedicated to the management of our clients&#146; assets. For our
most current views on the economy and financial markets, we invite you to visit
www.blackrock.com/funds. As always, we thank you for entrusting BlackRock with
your investments, and we look forward to continuing to serve you in the months
and years ahead.</FONT></P>

<div style='margin-left:2%'><FONT SIZE=2 FACE=ARIAL>Sincerely,</FONT></div>

<div style='margin-left:2%'><IMG SRC="c54824002.jpg" ALT="-s- Rob Kapito"></div>
<BR>
<div style='margin-left:2%'><FONT SIZE=2 FACE=ARIAL>Rob Kapito<BR>
President, BlackRock Advisors, LLC</FONT></div>

</div>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>THIS PAGE NOT PART OF YOUR FUND REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>3</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="45%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="55%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Trust Summary <A NAME=A002></A><FONT size=2 FACE=ARIAL>as of August 31, 2008</FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 COLOR=#1E5F95 FACE=ARIAL><B>BlackRock Insured Municipal Income
 Investment Trust</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM colspan=2  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95 FACE=ARIAL><B>Investment Objective</B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><B>BlackRock
 Insured Municipal Income Investment Trust (BAF) (the &#147;Trust&#148;)</B><FONT  FACE=ARIAL> (formerly BlackRock Florida
 Insured Municipal Income Trust) seeks to provide current income exempt from
 regular federal income taxes. The Trust will invest at least 80% of its total
 assets in municipal obligations that are insured as to the timely payment of
 both principal and interest. Please see Note 7, &#147;Subsequent Events,&#148; of the
 Notes to Financial Statements on page 83 regarding a recent change to the
 Trust&#146;s non-fundamental investment policy.</FONT></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95 FACE=ARIAL><B>Performance</B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>For the 12 months
 ended August 31, 2008, the Trust returned (3.35)% based on market price and
 2.22% based on net asset value (&#147;NAV&#148;). For the same period, the closed-end
 Lipper Single-State Insured Municipal Debt Funds category posted an average
 return of 1.32% on a NAV basis. All returns reflect reinvestment of
 dividends. Several key factors influenced performance during the year. A
 positive contributor to performance was the Trust&#146;s significant overweight in
 pre-refunded bonds in the one- to five-year maturity range, as the yield
 curve steepened and short- and intermediate-maturity issues outperformed the
 rest of the market. Conversely, problems within the monoline insurance
 industry had a negative impact on the entire insured municipal market,
 hampering the performance of the Trust and its peers. The Trust&#146;s discount to
 NAV, which widened during the period, accounts for the difference between
 performance based on price and performance based on NAV.</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>The views expressed reflect the opinions of BlackRock as
 of the date of this report and are subject to change based on changes in
 market, economic or other conditions. These views are not intended to be a
 forecast of future events and are no guarantee of future results.</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95 FACE=ARIAL><B>Trust
 Information</B></FONT></P>
</TD>
</TR>
</table>

<BR>
<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="73%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="19%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Symbol on New York
 Stock Exchange</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>BAF</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Initial Offering
 Date</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>October 31, 2002</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Yield on Closing
 Market Price as of August 31, 2008 ($12.42)<SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>5.60%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Tax Equivalent
 Yield<SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>8.62%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Current Monthly
 Distribution per Common Share<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$0.058</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Current Annualized
 Distribution per Common Share<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$0.696</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Leverage as of
 August 31, 2008<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>38%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><sup>1</sup></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Yield on closing market price is calculated by dividing
 the current annualized distribution per share by the closing market price.<BR>
 Past performance does not guarantee future results.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><sup>2</sup></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Tax equivalent yield assumes the maximum federal tax rate
 of 35%.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><sup>3</sup></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>The distribution is not constant and is subject to change.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><sup>4</sup></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>As a percentage of total managed assets, which is the
 total assets of the Trust (including any assets attributable to Auction
 Market Preferred Shares (&#147;Preferred Shares&#148;) and tender option bond trusts
 (&#147;TOBs&#148;)) minus the sum of accrued liabilities.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>The table below
 summarizes the changes in the Trust&#146;s market price and net asset value per
 share:</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="53%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="16" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Change</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>High</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Low</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="16" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Market Price</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12.42</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13.55</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(8.34)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12.21</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Net Asset Value</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14.23</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14.68</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(3.07)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15.27</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13.38</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="16" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>The following
 unaudited charts show the Trust&#146;s portfolio composition and credit quality
 allocations of the Trust&#146;s long-term investments: </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95 FACE=ARIAL><B>Portfolio
 Composition</B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="78%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Sector</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Tax Revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>27</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>25</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>City, County &amp;
 State</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>17</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>20</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Education</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>16</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Transportation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>11</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>9</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Hospitals</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>10</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>9</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Water &amp; Sewer</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>9</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Power</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>11</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Lease Revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

</TABLE>

<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95 FACE=ARIAL><B>Credit Quality
 Allocations<SUP>5</SUP></B></FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="78%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Credit Rating</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>AAA/Aaa</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>41</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>88</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>AA/Aa</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>48</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>A</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Not Rated</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>9</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2  FACE=ARIAL><SUP>6</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><sup>5</sup></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Using the higher of Standard &amp; Poor&#146;s (&#147;S&amp;P&#146;s&#148;) or
 Moody&#146;s Investors Service (&#147;Moody&#146;s&#148;) ratings.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><sup>6</sup></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>The investment advisor has deemed certain of these
 non-rated securities to be of investment grade quality. As of August 31, 2008
 the market value of these securities was $7,387,462 representing 4%,
 respectively, of the Trust&#146;s long-term investments.</FONT></P>
</TD>
</TR>
</table>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>4</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="50%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="50%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Trust Summary <FONT SIZE=2 COLOR=#1E5F95  FACE=ARIAL>as of August 31, 2008</FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  COLOR=#1E5F95 FACE=ARIAL><B>BlackRock Insured Municipal Income Trust </B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95 FACE=ARIAL><B>Investment
 Objective</B></FONT></P>
</TD>
</tr>
</table>

<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><B>BlackRock
 Insured Municipal Income Trust (BYM) (the &#147;Trust&#148;)</B><FONT  FACE=ARIAL> seeks to provide high current
 income exempt from regular federal income taxes. The Trust will invest at
 least 80% of its total assets in municipal obligations that are insured as to
 the timely payment of both principal and interest.</FONT></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95 FACE=ARIAL><B>Performance</B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>For the 12 months
 ended August 31, 2008, the Trust returned (3.13)% based on market price and
 (0.16)% based on NAV. For the same period, the closed-end Lipper Insured
 Municipal Debt Funds (Leveraged) category posted an average return of 0.19%
 on a NAV basis. All returns reflect reinvestment of dividends. The Trust
 benefited from its above-average yield, but performance was negatively
 impacted by two factors: above-average exposure to the longer end of the
 yield curve, which underperformed as rates increased; and, above-average exposure
 to certain monoline insurers, particularly those with weaker underlying
 credits, which underperformed amid unprecedented volatility and ratings
 downgrades. The Trust&#146;s holdings covered by these insurers underperformed as
 the value of their insurance fell and reflected their underlying credit
 quality. The Trust&#146;s discount to NAV, which widened during the period,
 accounts for the difference between performance based on price and
 performance based on NAV.</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>The views expressed reflect the opinions of BlackRock as
 of the date of this report and are subject to change based on changes in
 market, economic or other conditions. These views are not intended to be a
 forecast of future events and are no guarantee of future results.</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95 FACE=ARIAL><B>Trust
 Information</B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="73%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="19%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Symbol on New York
 Stock Exchange</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>BYM</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Initial Offering
 Date</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>October 31, 2002</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Yield on Closing
 Market Price as of August 31, 2008 ($13.19)<SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>5.55%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Tax Equivalent
 Yield<SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>8.54%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Current Monthly
 Distribution per Common Share<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$0.061</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Current Annualized
 Distribution per Common Share<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$0.732</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Leverage as of
 August 31, 2008<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>38%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><sup>1</sup></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Yield on closing market price is calculated by dividing
 the current annualized distribution per share by the closing market price.
<BR>Past performance does not guarantee future results.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><sup>2</sup></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Tax equivalent yield assumes the maximum federal tax rate
 of 35%.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><sup>3</sup></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>The distribution is not constant and is subject to change.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><sup>4</sup></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>As a percentage of total managed assets, which is the
 total assets of the Trust (including any assets attributable to Preferred
 Shares and TOBs) minus the sum of accrued liabilities.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>The table below summarizes the
 changes in the Trust&#146;s market price and net asset value per share:</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="53%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="16" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Change</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>High</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Low</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="16" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Market Price</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13.19</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14.35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(8.08)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15.15</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12.70</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Net Asset Value</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14.04</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14.82</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(5.26)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15.35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13.14</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="16" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>The following
 unaudited charts show the Trust&#146;s portfolio composition and credit quality
 allocations of the Trust&#146;s long-term investments:</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95 FACE=ARIAL><B>Portfolio
 Composition</B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="79%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Sector</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Transportation</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>26</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>24</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Water &amp; Sewer</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>19</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>18</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>City, County &amp;
 State</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>10</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Tax Revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>10</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Education</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>9</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>8</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Power</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>8</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>9</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Hospitals</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Tobacco</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Lease Revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Industrial &amp;
 Pollution Control</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM  colspan=8 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95 FACE=ARIAL><B>Credit Quality
 Allocations<SUP>5</SUP></B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Credit Rating</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>AAA/Aaa</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>58</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>92</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>AA/Aa</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>34</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>A</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>BBB/Baa</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>5</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</FONT></P>
</TD>
</TR>
</table>
<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
</TD>
<TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST 31, 2008</FONT></P>
</TD>
<TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5</FONT></P>
</TD>
</TR>
</table>

<BR>




<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="46%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="53%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=bottom>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Trust Summary <FONT size=2 COLOR="#1E5F95"  FACE=ARIAL>as of August 31, 2008</FONT></FONT></P>
</TD>
<TD VALIGN=bottom>
<P ALIGN=RIGHT><FONT SIZE=2 COLOR="#1E5F95" FACE=ARIAL><B>BlackRock Municipal Bond Investment Trust</B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Investment
 Objective</B></FONT></P>
</TD>
</tr>
</table>


<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><B>BlackRock
 Municipal Bond Investment Trust (BIE) (the &#147;Trust&#148;)</B><FONT  FACE=ARIAL> (formerly BlackRock Florida
 Municipal Bond Trust) seeks to provide current income exempt from regular
 federal income taxes. Under normal market conditions, the Trust will invest
 at least 80% of its total assets in municipal bonds that are investment grade
 quality, or determined by the Advisor to be of equivalent credit quality at
 time of purchase. The Trust may invest up to 20% of its total assets in
 municipal bonds that are rated, at the time of investment, Ba/BB or B by
 Moody&#146;s, S&amp;P or Fitch or that are unrated but judged to be of comparable
 quality by BlackRock. Please see Note 7, &#147;Subsequent Events,&#148; of the Notes to
 Financial Statements on page 83 regarding a recent change to the Trust&#146;s
 non-fundamental investment policy.</FONT></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Performance</B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>For the 12 months
 ended August 31, 2008, the Trust returned (3.95)% based on market price and
 2.34% based on NAV. For the same period, the closed-end Lipper Florida
 Municipal Debt Funds category posted an average return of 0.90% on a NAV
 basis. All returns reflect reinvestment of dividends. Several key factors
 influenced performance during the year. A positive contributor to performance
 was the Trust&#146;s significant overweight in pre-refunded bonds in the one- to
 five-year maturity range, as the yield curve steepened and short- and
 intermediate-maturity issues outperformed the rest of the market. Conversely,
 problems within the mono-line insurance industry had a negative impact on the
 entire insured municipal market and thus, hampered the performance of the
 Trust and its peers. Exposure to uninsured hospital bonds and single-family
 housing bonds also detracted from results. The Trust moved from a premium to
 NAV to a discount by period-end, which accounts for the difference between
 performance based on price and performance based on NAV.</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP colspan=2>
<P><FONT SIZE=1 FACE=ARIAL>The views expressed reflect the opinions of BlackRock as
 of the date of this report and are subject to change based on changes in
 market, economic or other conditions. These views are not intended to be a
 forecast of future events and are no guarantee of future results.</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Trust
 Information</B></FONT></P>
</TD>
</TR>

</table>

<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="73%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="19%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Symbol on New York
 Stock Exchange</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>BIE</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Initial Offering
 Date</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>April 30, 2002</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Yield on Closing
 Market Price as of August 31, 2008 ($14.28)<SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>5.78%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Tax Equivalent
 Yield<SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>8.89%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Current Monthly
 Distribution per Common Share<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$0.0688</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Current Annualized
 Distribution per Common Share<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$0.8256</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Leverage as of
 August 31, 2008<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>38%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><sup>1</sup></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Yield on closing market price is calculated by dividing
 the current annualized distribution per share by the closing market price.
<BR> Past performance does not guarantee future results.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><sup>2</sup></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Tax equivalent yield assumes the maximum federal tax rate
 of 35%.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><sup>3</sup></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>The distribution is not constant and is subject to change.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><sup>4</sup></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>As a percentage of total managed assets, which is the
 total assets of the Trust (including any assets attributable to Preferred
 Shares and TOBs) minus the sum of accrued liabilities.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>The table below
 summarizes the changes in the Trust&#146;s market price and net asset value per
 share:</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="51%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="16" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Change</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>High</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Low</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="16" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Market Price</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14.28</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15.82</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(9.73)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>16.70</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14.14</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Net Asset Value</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14.86</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15.45</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(3.82)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15.86</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14.35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="16" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>The following
 unaudited charts show the Trust&#146;s portfolio composition and credit quality
 allocations of the Trust&#146;s long-term investments: </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Portfolio
 Composition</B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="79%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Sector</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Hospitals</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>37</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>34</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>City, County &amp;
 State</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>16</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>11</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Tax Revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>18</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Education</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>11</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Housing</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Lease Revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Water &amp; Sewer</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Transportation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Industrial &amp;
 Pollution Control</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Power</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;
</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM  colspan=8 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95 FACE=ARIAL><B>Credit Quality
 Allocations<SUP>5</SUP></B></FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Credit Rating</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>AAA/Aaa</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>25</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>40</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>AA/Aa</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>32</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>20</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>A</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>BBB/Baa</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>BB/Ba</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Not Rated</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>22</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL><SUP>6</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

</table>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><sup>5</sup></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><sup>6</sup></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>The investment advisor has deemed certain of these
 non-rated securities to be of investment grade quality. As of August 31, 2008
 the market value of these securities was $6,398,306 representing 8%,
 respectively, of the Trust&#146;s long-term investments.</FONT></P>
</TD>
</TR>
</table>
<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
  <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>6</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <td>
<p>&nbsp;</p>
</td>
 </TR>
</table><BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="50%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="50%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 FACE=ARIAL>Trust Summary<FONT SIZE=2 FACE=ARIAL> as of August 31, 2008</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN="RIGHT"><FONT SIZE=2 FACE=ARIAL><B>BlackRock
 Municipal Bond Trust</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Investment Objective</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><B>BlackRock
 Municipal Bond Trust (BBK) (the &#147;Trust&#148;) </B><FONT  FACE=ARIAL>seeks to provide current income
 exempt from regular federal income taxes. Under normal market conditions, the
 Trust will invest at least 80% of its total assets in municipal bonds that
 are investment grade quality, or determined by the Advisor to be of
 equivalent credit quality at time of purchase. The Trust may invest up to 20%
 of its total assets in municipal bonds that are rated, at the time of
 investment, Ba/BB or B by Moody&#146;s, S&amp;P or Fitch or that are unrated but
 judged to be of comparable quality by BlackRock.</FONT></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Performance</B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="98%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>For the 12 months
 ended August 31, 2008, the Trust returned (9.65%) based on market price and
 (3.77)% based on NAV. For the same period, the closed-end Lipper General
 Municipal Debt Funds (Leveraged) category posted an average return of (0.98)%
 on a NAV basis. All returns reflect reinvestment of dividends. The Trust&#146;s
 exposure to longer-dated securities was the primary detractor from
 performance, as these issues proved more volatile when risk spreads increased
 and the municipal yield curve steepened. Additionally, holdings in high yield
 and housing, as well as bonds backed by several of the larger broker-dealers,
 underperformed market averages and thus, hindered Trust results. Conversely,
 the Trust&#146;s above-average distribution rate benefited performance. Looking
 ahead, we believe the Trust is well positioned to benefit amid a recovering
 high yield market, a reversion to historical valuations versus Treasury
 issues and a continued slowing economy. The Trust moved from a premium to NAV
 to a discount by period-end, which accounts for the difference between
 performance based on price and performance based on NAV.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>The views expressed reflect the opinions of BlackRock as
 of the date of this report and are subject to change based on changes in
 market, economic or other conditions. These views are not intended to be a
 forecast of future events and are no guarantee of future results.</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Trust Information</B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
 <TD WIDTH="73%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="19%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Symbol on New York
 Stock Exchange</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>BBK</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Initial Offering
 Date</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>April 30, 2002</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Yield on Closing
 Market Price as of August 31, 2008 ($13.89)<SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>6.26%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Tax Equivalent
 Yield<SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>9.63%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Current Monthly
 Distribution per Common Share<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$0.0725</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Current Annualized
 Distribution per Common Share<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$0.8700</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Leverage as of
 August 31, 2008<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>39%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="80%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style='margin-top:-2px'><FONT SIZE=1 FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style='margin-top:2px'><FONT SIZE=1 FACE=ARIAL>Yield on closing market price is
 calculated by dividing the current annualized distribution per share by the
 closing market price.<BR>Past performance does not guarantee future results.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P style='margin-top:-2px'><FONT SIZE=1 FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style='margin-top:2px'><FONT SIZE=1 FACE=ARIAL>Tax equivalent yield assumes the
 maximum federal tax rate of 35%.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style='margin-top:-2px'><FONT SIZE=1 FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style='margin-top:2px'><FONT SIZE=1 FACE=ARIAL>The distribution is not constant
 and is subject to change.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style='margin-top:-2px'><FONT SIZE=1 FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style='margin-top:2px'><FONT SIZE=1 FACE=ARIAL>As a percentage of total managed
 assets, which is the total assets of the Trust (including any assets
 attributable to Preferred Shares and TOBs) minus the sum of accrued
 liabilities.</FONT></P>
</TD>
</TR>
</table>
<BR>

<div  style='margin-left:15%'><FONT SIZE=2 FACE=ARIAL>The table below
 summarizes the changes in the Trust&#146;s market price and net asset value per
 share:</FONT></div>


<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%"  style='margin-left:15%'>
<TR style="font-size:12px">
 <TD WIDTH="36%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT FACE=ARIAL SIZE=1><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT FACE=ARIAL SIZE=1><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT FACE=ARIAL SIZE=1><B>Change</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT FACE=ARIAL SIZE=1><B>High</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT FACE=ARIAL SIZE=1><B>Low</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Market Price</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13.89</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>16.50</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(15.82</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>17.39</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Net Asset Value</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13.96</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15.57</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(10.34</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15.95</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13.60</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="17" VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>The following
 unaudited charts show the Trust&#146;s portfolio composition and credit quality
 allocations of the Trust&#146;s long-term investments:</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%"  style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Portfolio
 Composition</B></FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%"   style='margin-left:15%'>
<TR style="font-size:1px">
 <TD WIDTH="67%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Sector</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Hospitals</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>26</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>26</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Housing</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>11</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Transportation</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>11</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>8</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>City, County &amp;
 State</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>10</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Industrial &amp;
 Pollution Control</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>9</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Education</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>8</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Power</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Tax Revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Water &amp; Sewer</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Tobacco</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Lease Revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%"   style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Credit Quality Allocations<SUP>5</SUP></B></FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%"   style='margin-left:15%'>
<TR style="font-size:1px">
 <TD WIDTH="67%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>

<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Credit Rating</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>AAA/Aaa</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>24</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>34</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>AA/Aa</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>27</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>16</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>A</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>21</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>BBB/Baa</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>18</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>BB/Ba</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>B</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>CCC/Caa</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Not Rated<SUP>6</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style='margin-top:-2px'><FONT SIZE=1 FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style='margin-top:2px'><FONT SIZE=1 FACE=ARIAL>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P style='margin-top:-2px'><FONT SIZE=1 FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style='margin-top:2px'><FONT SIZE=1 FACE=ARIAL>The investment advisor has deemed certain of these
 non-rated securities to be of investment grade quality. As of August 31, 2008
 and August 31, 2007 the market value of these securities was $3,883,176
 representing 2% and $2,980,782 representing 1%, respectively, of the Trust&#146;s
 long-term investments.</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>7</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="50%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="50%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 FACE=ARIAL>Trust Summary <FONT SIZE=2 FACE=ARIAL>as of August 31, 2008</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN="RIGHT"><FONT SIZE=2 FACE=ARIAL><B>BlackRock
 Municipal Income Trust II</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Investment
 Objective</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><B>BlackRock
 Municipal Income Trust II (BLE) (the &#147;Trust&#148;) </B><FONT  FACE=ARIAL>seeks to provide high current
 income exempt from regular federal income taxes. Under normal market
 conditions, the Trust will invest at least 80% of its total assets in
 municipal bonds that are investment grade quality, or determined by the
 Advisor to be of equivalent credit quality at time of purchase. The Trust may
 invest up to 20% of its total assets in municipal bonds that are rated, at
 the time of investment, Ba/BB or B by Moody&#146;s, S&amp;P or Fitch or that are
 unrated but judged to be of comparable quality by BlackRock.</FONT></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Performance</B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="98%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>For the 12 months
 ended August 31, 2008, the Trust returned (6.29)% based on market price and
 (4.15)% based on NAV. For the same period, the closed-end Lipper General
 Municipal Debt Funds (Leveraged) category posted an average return of (0.98)%
 on a NAV basis. All returns reflect reinvestment of dividends. The Trust&#146;s
 performance over the year was negatively impacted by two key factors:
 above-market exposure to lower-quality bonds, which underperformed as credit
 spreads widened; and, an emphasis on long-dated bonds that underperformed as
 the yield curve steepened. The Trust&#146;s distribution yield remained competitive
 in relation to that of its Lipper peers. The Trust&#146;s discount to NAV, which
 widened during the period, accounts for the difference between performance
 based on price and performance based on NAV.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>The views expressed reflect the
 opinions of BlackRock as of the date of this report and are subject to change
 based on changes in market, economic or other conditions. These views are not
 intended to be a forecast of future events and are no guarantee of future
 results.</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Trust Information</B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
 <TD WIDTH="73%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="19%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Symbol on American
 Stock Exchange</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>BLE</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Initial Offering
 Date</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>July 30, 2002</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Yield on Closing
 Market Price as of August 31, 2008 ($13.27)<SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>5.97%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Tax Equivalent
 Yield<SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>9.18%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Current Monthly
 Distribution per Common Share<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$0.066</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Current Annualized
 Distribution per Common Share<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$0.792</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Leverage as of
 August 31, 2008<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>39%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style='margin-top:-2px'><FONT FACE="ARIAL" SIZE="1"><SUP>1</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style='margin-top:2px'><FONT SIZE=1 FACE=ARIAL>Yield on closing market price is
 calculated by dividing the current annualized distribution per share by the
 closing market price.<BR>Past performance does not guarantee future results.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P style='margin-top:-2px'><FONT SIZE=1 FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style='margin-top:2px'><FONT SIZE=1 FACE=ARIAL>Tax equivalent yield assumes the
 maximum federal tax rate of 35%.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P style='margin-top:-2px'><FONT SIZE=1 FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style='margin-top:2px'><FONT SIZE=1 FACE=ARIAL>The distribution is not constant
 and is subject to change.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P style='margin-top:-2px'><FONT SIZE=1 FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style='margin-top:2px'><FONT SIZE=1 FACE=ARIAL>As a percentage of total managed
 assets, which is the total assets of the Trust (including any assets
 attributable to Preferred Shares and TOBs) minus the sum of accrued
 liabilities.</FONT></P>
</TD>
</TR>
</table>
<BR>
<div  style='margin-left:15%'><FONT SIZE=2 FACE=ARIAL>The table below
 summarizes the changes in the Trust&#146;s market price and net asset value per
 share:</FONT></div>


<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:12px">
 <TD WIDTH="36%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL><B>Change</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL><B>High</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL><B>Low</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Market Price</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13.27</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(11.83</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15.85</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12.75</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Net Asset Value</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13.60</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(9.81</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15.45</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13.17</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="17" VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>The following
 unaudited charts show the Trust&#146;s portfolio composition and credit quality
 allocations of the Trust&#146;s long-term investments:</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Portfolio
 Composition</B></FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%"   style='margin-left:15%'>
 <TR style="font-size:1px">
 <TD WIDTH="67%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Sector</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Hospitals</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>26</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>26</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Industrial &amp;
 Pollution Control</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>16</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Transportation</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>10</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>City, County &amp;
 State</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>10</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Education</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>10</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Power</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>9</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Tax Revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>8</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Housing</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Water &amp; Sewer</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Tobacco</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Lease Revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%"  style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Credit Quality
 Allocations<SUP>5</SUP></B></FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%"  style='margin-left:15%'>
 <TR style="font-size:1px">
 <TD WIDTH="67%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Credit Rating</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>AAA/Aaa</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>24</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>33</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>AA/Aa</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>29</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>16</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>A</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>BBB/Baa</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>17</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>20</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>BB/Ba</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>B</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>CCC/Caa</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Not Rated<SUP>6</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>9</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>11</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>



<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%"  style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style='margin-top:-2px'><FONT SIZE=1 FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style='margin-top:2px'><FONT SIZE=1 FACE=ARIAL>Using the higher of S&amp;P&#146;s or
 Moody&#146;s ratings.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style='margin-top:-2px'><FONT SIZE=1 FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style='margin-top:2px'><FONT SIZE=1 FACE=ARIAL>The investment advisor has deemed
 certain of these non-rated securities to be of investment grade quality. As
 of August 31, 2008 and August 31, 2007, the market value of these securities
 was $18,784,767 representing 4% and $24,066,103 representing 4%,
 respectively, of the Trust&#146;s long-term investments.</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>8</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Trust Summary  </FONT><FONT SIZE=2 COLOR=#1E5F95 FACE=ARIAL>as of August 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM nowrap>
 <P ALIGN=RIGHT><FONT style="font-size:9pt"  COLOR=#1E5F95 FACE=ARIAL ><B>BlackRock
 California Insured Municipal Income Trust</B></FONT></P>
 </TD>
 </TR>

</table>


<BR>


<TABLE ALIGN=CENTER BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="85%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD colspan=2  VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Investment
 Objective</B></FONT></P>
 </TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><B>BlackRock
 California Insured Municipal Income Trust (BCK) (the &#147;Trust&#148;) </B><FONT  FACE=ARIAL>seeks to provide high current
 income exempt from regular federal income taxes and California income taxes.
 The Trust will invest at least 80% of its total assets in municipal obligations
 that are insured as to the timely payment of both principal and
 interest.</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR  bgcolor=#E7ECF6>
 <TD colspan=2 VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Performance</B></FONT></P>
 </TD>
</TR>


<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>For the 12 months
 ended August 31, 2008, the Trust returned (4.84)% based on market price and
 0.92% based on NAV. For the same period, the closed-end Lipper Single-State
 Insured Municipal Debt Funds category posted an average return of 1.32% on a
 NAV basis. All returns reflect reinvestment of dividends. The performance of
 the Lipper category does not necessarily correlate to that of the fund, as
 the Lipper group comprises funds representing various states and not
 California alone. Nevertheless, the Trust&#146;s exposure to the long end of the
 municipal yield curve and modestly longer duration stance detracted from
 performance over the period. Pressure on municipal bond insurers, which
 affected the entire insured municipal marketplace, also hampered results. The
 Trust&#146;s underweight of lower-rated credits actually proved disadvantageous as
 insured bonds lost any premium value. The Trust&#146;s discount to NAV, which
 widened during the period, accounts for the difference between performance
 based on price and performance based on NAV.
</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-LEFT:2%"><FONT SIZE=1 FACE=ARIAL>
The views
 expressed reflect the opinions of BlackRock as of the date of this report and
 are subject to change based on changes in market, economic or other conditions. These
 views are not intended to be a forecast of future events and are no guarantee
 of future results.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR  bgcolor=#E7ECF6>
 <TD colspan=2 VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Trust
 Information</B></FONT></P>
 </TD>
</TR>


</TABLE>

<BR>

<TABLE  BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
 <TR style="font-size:1px">
 <TD WIDTH="73%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="24%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>

 </TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Symbol on New York
 Stock Exchange</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>BCK</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Initial Offering
 Date</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>October 31, 2002</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Yield on Closing
 Market Price as of August 31, 2008 ($12.95)<SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>5.19%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Tax Equivalent
 Yield<SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>7.98%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Current Monthly Distribution
 per Common Share<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$0.056</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Current Annualized
 Distribution per Common Share<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$0.672</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Leverage as of
 August 31, 2008<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>38%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>



<TABLE  BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:6px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="80%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style='margin-top:-2px'><FONT SIZE=1 FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style='margin-top:3px'><FONT SIZE=1 FACE=ARIAL>Yield on closing market price is calculated by dividing
 the current annualized distribution per share by the closing market price.<BR>
 Past performance does not guarantee future results.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style='margin-top:-2px'><FONT SIZE=1 FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style='margin-top:3px'><FONT SIZE=1 FACE=ARIAL>Tax equivalent yield assumes the maximum federal tax rate
 of 35%.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style='margin-top:-2px'><FONT SIZE=1 FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style='margin-top:3px'><FONT SIZE=1 FACE=ARIAL>The distribution is not constant and is subject to change.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style='margin-top:-2px'><FONT SIZE=1 FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style='margin-top:3px'><FONT SIZE=1 FACE=ARIAL>As a percentage of total managed assets, which is the
 total assets of the Trust (including any assets attributable to Preferred
 Shares and TOBs) minus the sum of accrued liabilities.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>The table below summarizes the changes in the Trust&#146;s market price and
net asset value per share:</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE  BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%"  style='margin-left:15%'>
 <TR style="font-size:1px">
 <TD WIDTH="36%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Change</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>High</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Low</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Market Price</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12.95</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(9.44</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12.86</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Net Asset Value</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14.66</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(3.96</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15.34</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="17" VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>The following unaudited charts show the Trust&#146;s portfolio composition
and credit quality allocations of the Trust&#146;s long-term investments:</FONT></P>
</TD>
</TR>
</table>

<TABLE  BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%"  style='margin-left:15%'>
 <TR style="font-size:12px">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Portfolio Composition</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>
<TABLE  BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%"   style='margin-left:15%'>
 <TR style="font-size:1px">
 <TD WIDTH="67%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>

 </TR>

<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Sector</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Water &amp; Sewer</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>32</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>31</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Education</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>19</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>25</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>City, County &amp;
 State</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Lease Revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>11</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>9</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Hospitals</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>8</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Power</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>10</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Transportation</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Tax Revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Housing</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD COLSPAN=7 VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Credit Quality Allocations<SUP>5</SUP></B></FONT></P>
</TD>

</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Credit Rating</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>AAA/Aaa</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>31</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>98</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>AA/Aa</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>58</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>A</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>11</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>



<TABLE ALIGN=CENTER BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:6px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="80%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style='margin-top:-2px'><FONT SIZE=1 FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style='margin-top:3px'><FONT SIZE=1 FACE=ARIAL>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</FONT></P>
</TD>
</TR>
</table>

<BR>
<TABLE ALIGN=CENTER BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>9</FONT></P>
 </TD>
 </TR>
</table>
<BR>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<TABLE ALIGN=CENTER BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><font size=1>&nbsp;</font></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Trust Summary  </FONT><FONT SIZE=2 COLOR=#1E5F95 FACE=ARIAL>as of August 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=#1E5F95 FACE=ARIAL><B>BlackRock
 California Municipal Bond Trust</B></FONT></P>
 </TD>
 </TR>

</table>
<BR>







<TABLE ALIGN=CENTER BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="85%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD colspan=2  VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Investment
 Objective</B></FONT></P>
 </TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><B>BlackRock
 California Municipal Bond Trust (BZA) (the &#147;Trust&#148;) </B><FONT  FACE=ARIAL>seeks to provide current income
 exempt from regular federal income taxes and California income taxes. Under
 normal market conditions, the Trust will invest at least 80% of its total
 assets in municipal bonds that are investment grade quality, or determined by
 the Advisor to be of equivalent credit quality at time of purchase. The
 Trust may invest up to 20% of its total assets in municipal bonds that are
 rated, at the time of investment, Ba/BB or B by Moody&#146;s, S&amp;P or Fitch or
 that are unrated but judged to be of comparable quality by BlackRock.</FONT></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR  bgcolor=#E7ECF6>
 <TD colspan=2 VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Performance</B></FONT></P>
 </TD>
</TR>


<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>For the 12 months
 ended August 31, 2008, the Trust returned (6.89)% based on market price and
 2.64% based on NAV. For the same period, the closed-end Lipper California
 Municipal Debt Funds category posted an average return of 0.70% on a NAV
 basis. All returns reflect reinvestment of dividends. Trust performance
 benefited from a degree of spread tightening in certain sectors during the
 second half of the fiscal year. Specifically, valuations on land-secured
 holdings that had previously underperformed recovered in late summer,
 improving the Trust&#146;s relative performance. Duration was kept neutral
 throughout most of the annual period. The Trust moved from a premium to NAV
 to a discount by period-end, which accounts for the difference between
 performance based on price and performance based on NAV.

</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-LEFT:2%"><FONT SIZE=1 FACE=ARIAL>The views
 expressed reflect the opinions of BlackRock as of the date of this report and
 are subject to change based on changes in market, economic or other conditions. These
 views are not intended to be a forecast of future events and are no guarantee
 of future results.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR  bgcolor=#E7ECF6>
 <TD colspan=2 VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Trust
 Information</B></FONT></P>
 </TD>
</TR>


</TABLE>

<BR>

<TABLE  BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
 <TR style="font-size:1px">
 <TD WIDTH="73%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>

<TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="24%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>

 </TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Symbol on New York
 Stock Exchange</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>BZA</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Initial Offering
 Date</FONT></P>
</TD>
<TD> </TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>April 30, 2002</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Yield on Closing
 Market Price as of August 31, 2008 ($14.48)<SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>5.14%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Tax Equivalent
 Yield<SUP>2</SUP></FONT></P>
</TD>
<TD> </TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>7.91%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Current Monthly
 Distribution per Common Share<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$0.062</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Current Annualized
 Distribution per Common Share<SUP>3</SUP></FONT></P>
</TD>
<TD> </TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$0.744</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Leverage as of
 August 31, 2008<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>37%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>



<TABLE  BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%"  style='margin-left:15%'>
<TR style="font-size:6px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="80%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style='margin-top:-2px'><FONT SIZE=1 FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style='margin-top:3px'><FONT SIZE=1 FACE=ARIAL>Yield on closing market price is calculated by dividing
 the current annualized distribution per share by the closing market price.<BR>
 Past performance does not guarantee future results.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style='margin-top:-2px'><FONT SIZE=1 FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style='margin-top:3px'><FONT SIZE=1 FACE=ARIAL>Tax equivalent yield assumes the maximum federal tax rate
 of 35%.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style='margin-top:-2px'><FONT SIZE=1 FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style='margin-top:3px'><FONT SIZE=1 FACE=ARIAL>The distribution is not constant and is subject to change.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style='margin-top:-2px'><FONT SIZE=1 FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style='margin-top:3px'><FONT SIZE=1 FACE=ARIAL>As a percentage of total managed assets, which is the
 total assets of the Trust (including any assets attributable to Preferred
 Shares and TOBs) minus the sum of accrued liabilities.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>The table below summarizes the changes in the Trust&#146;s market price and
net asset value per share:</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

</table>



<TABLE  BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%"  style='margin-left:15%'>
 <TR style="font-size:1px">
 <TD WIDTH="36%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Change</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>High</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Low</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Market Price</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14.48</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>16.50</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(12.24</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>17.35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13.90</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Net Asset Value</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14.85</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15.35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(3.26</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15.90</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14.25</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN=17>
<P><FONT SIZE=2 FACE=ARIAL>The following unaudited charts show the Trust&#146;s portfolio composition
and credit quality allocations of the Trust&#146;s long-term investments: </FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE  BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%"   style='margin-left:15%'>
 <TR style="font-size:1px">
 <TD WIDTH="67%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>

 </TR>

<TR bgcolor=#E7ECF6>
 <TD COLSPAN=7 VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Portfolio Composition</B></FONT></P>
 </TD>
 </TR>

<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Sector</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>

<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Hospitals</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>23</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>21</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>City, County &amp;
 State</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>21</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Education</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>19</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>22</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Housing</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Lease Revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>8</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Transportation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Industrial &amp;
 Pollution Control</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Tobacco</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>8</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Water &amp; Sewer</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Resource Recovery</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD COLSPAN=7 VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Credit Quality Allocations<SUP>5</SUP></B></FONT></P>
 </TD>
 </TR>

<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Credit Rating</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>AAA/Aaa</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>29</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>32</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>AA/Aa</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>18</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>A</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>35</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>33</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>BBB/Baa</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>11</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>B</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Not Rated</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

</TABLE>



<TABLE  BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%"   style='margin-left:15%'>
<TR style="font-size:6px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="80%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-2PX"><FONT SIZE=1 FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</FONT></P>
</TD>
</TR>
</table>

<BR>
<TABLE ALIGN=CENTER BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>10</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>
<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Trust Summary</FONT><FONT SIZE=2 COLOR="#1E5F95" FACE=ARIAL> as of August 31,
2008</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="2" COLOR="#1E5F95"><B>BlackRock California
Municipal Income Trust II</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Investment Objective</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>


<P style='margin-left:15%'><FONT SIZE=2 FACE=ARIAL><B>BlackRock California Municipal Income Trust
II (BCL) (the &#147;Trust&#148;)</B><FONT FACE=ARIAL> seeks to provide high current income exempt from
regular federal income taxes and California income taxes. Under normal market
conditions, the Trust will invest at least 80% of its total assets in municipal
bonds that are investment grade quality, or determined by the Advisor to be of
equivalent credit quality at time of purchase. The Trust may invest up to 20%
of its total assets in municipal bonds that are rated, at the time of
investment, Ba/BB or B by Moody&#146;s, S&amp;P or Fitch or that are unrated but
judged to be of comparable quality by BlackRock.</FONT></FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Performance</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>



<P style='margin-left:15%'><FONT SIZE=2 FACE=ARIAL>For the 12 months ended August 31, 2008, the Trust returned (7.05)%
based on market price and (0.89)% based on NAV. For the same period, the
closed-end Lipper California Municipal Debt Funds category posted an average
return of 0.70% on a NAV basis. All returns reflect reinvestment of dividends.
The Trust&#146;s performance was negatively impacted by three key factors: exposure
to the long end of the municipal yield curve, which underperformed as the curve
steepened; a widening in credit spreads (especially those of corporate-backed
municipal securities held in the Trust), which negatively impacted uninsured
credits in the portfolio; and, additional pressure on insured zero-coupon
securities held in the Trust. The Trust&#146;s discount to NAV, which widened during
the period, accounts for the difference between performance based on price and
performance based on NAV.</FONT></P>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="4%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="96%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>The views expressed reflect the
opinions of BlackRock as of the date of this report and are subject to change
based on changes in market, economic or other conditions. These views are not
intended to be a forecast of future events and are no guarantee of future
results.</FONT></P></TD>
</TR>
</TABLE>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Trust Information</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="79%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="14%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Symbol on American
 Stock Exchange</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>BCL</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Initial Offering
 Date</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>July 30, 2002</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Yield on Closing
 Market Price as of August 31, 2008 ($12.70)<SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>5.39%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Tax Equivalent
 Yield<SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>8.29%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Current Monthly
 Distribution per Common Share<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$0.057</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Current Annualized
 Distribution per Common Share<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$0.684</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Leverage as of
 August 31, 2008<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>39%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="4%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="96%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>1</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>Yield on closing market price is calculated by dividing
 the current annualized distribution per share by the closing market price.
 </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>Past performance does not guarantee future results.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>2</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>Tax equivalent yield assumes the maximum federal tax rate
 of 35%.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>3</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>The distribution is not constant and is subject to change.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>4</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>As a percentage of total managed assets, which is the
 total assets of the Trust (including any assets attributable to Preferred
 Shares and TOBs) minus the sum of accrued liabilities.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>The table below
 summarizes the changes in the Trust&#146;s market price and net asset value per
 share:</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="38%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Change</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>High</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Low</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Market Price</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12.70</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14.44</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN="CENTER"><FONT SIZE=2  FACE=ARIAL>(12.05)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15.35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12.47</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Net Asset Value</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14.96</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN="CENTER"><FONT SIZE=2  FACE=ARIAL>(6.22)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15.40</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13.23</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="16" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="16" VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>The following
 unaudited charts show the Trust&#146;s portfolio composition and credit quality
 allocations of the Trust&#146;s long-term investments:</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="76%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>


 <TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM   colspan=7 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Portfolio Composition</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Sector</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>City, County &amp;
 State</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>26</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>25</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Housing</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Lease Revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Transportation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>10</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>10</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Education</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>9</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Hospitals</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>9</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Water &amp; Sewer</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>8</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Tobacco</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Industrial &amp;
 Pollution Control</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Resource Recovery</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Power</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM   colspan=7 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Credit Quality Allocations<SUP>5</SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>


<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Credit Rating</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>AAA/Aaa</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>27</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>55</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>AA/Aa</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>A</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>25</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>20</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>BBB/Baa</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>B</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Not Rated</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL><SUP>6</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="4%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="96%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>5</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>6</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>The investment advisor has deemed certain of these
 non-rated securities to be of investment grade quality. As of August 31, 2008
 the market value of these securities was $1,173,229 representing 1%,
 respectively, of the Trust&#146;s long-term investments.</FONT></P>
</TD>
</TR>
</table>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>11</FONT></P>
 </TD>
 </TR>
</table>


<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
<TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Trust Summary</FONT><FONT SIZE=2 COLOR="#1E5F95" FACE=ARIAL> as of August 31,
2008</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="2" COLOR="#1E5F95"><B>BlackRock Maryland
Municipal Bond Trust</B> </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Investment Objective</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>


<P style='margin-left:15%'><FONT SIZE=2 FACE=ARIAL><B>BlackRock Maryland Municipal Bond Trust (BZM)
(the &#147;Trust&#148;)</B><FONT FACE=ARIAL> seeks to provide current income exempt from regular federal income
taxes and Maryland personal income taxes. Under normal market conditions, the
Trust will invest at least 80% of its total assets in municipal bonds that are
investment grade quality, or determined by the Advisor to be of equivalent
credit quality at time of purchase. The Trust may invest up to 20% of its total
assets in municipal bonds that are rated, at the time of investment, Ba/BB or B
by Moody&#146;s, S&amp;P or Fitch or that are unrated but judged to be of comparable
quality by BlackRock.</FONT></FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Performance</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<P style='margin-left:15%'><FONT SIZE=2 FACE=ARIAL>For the 12 months ended August 31, 2008, the Trust returned (4.33)%
based on market price and 2.60% based on NAV. For the same period, the
closed-end Lipper Other States Municipal Debt Funds category posted an average
return of 1.93% on a NAV basis. All returns reflect reinvestment of dividends.
The Trust derived most of its positive performance from income generated by
book yields that are comfortably above current market rates. The Trust&#146;s
longer-maturity holdings also benefited results, as the yield curve flattened
significantly amid heightened inflation concerns and these issues outperformed.
Moreover, positive sector allocation and minimal exposure to the troubled
monoline insurers proved advantageous. The Trust&#146;s premium to NAV, which
narrowed during the period, accounts for the difference between performance
based on price and performance based on NAV.</FONT></P>



<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="4%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="96%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT FACE="ARIAL" SIZE="1">&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>The views expressed reflect the
opinions of BlackRock as of the date of this report and are subject to change
based on changes in market, economic or other conditions. These views are not
intended to be a forecast of future events and are no guarantee of future
results.</FONT></P>
</TD>
</TR>
</TABLE>

<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Trust Information</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="78%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="17%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Symbol on American
 Stock Exchange</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>BZM</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Initial Offering
 Date</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>April 30, 2002</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Yield on Closing
 Market Price as of August 31, 2008 ($15.75)<SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>4.98%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Tax Equivalent
 Yield<SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>7.66%</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Current Monthly
 Distribution per Common Share<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$0.0654</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Current Annualized
 Distribution per Common Share<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$0.7848</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Leverage as of
 August 31, 2008<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>38%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="4%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="96%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>1</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>Yield on closing market price is calculated by dividing
 the current annualized distribution per share by the closing market price.<BR>
 Past performance does not guarantee future results.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>2</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>Tax equivalent yield assumes the maximum federal tax rate
 of 35%.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>3</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>The distribution is not constant and is subject to change.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT FACE="ARIAL" SIZE="1"><SUP>4</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>As a percentage of total managed assets, which is the
 total assets of the Trust (including any assets attributable to Preferred
 Shares and TOBs) minus the sum of accrued liabilities.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>The table below
 summarizes the changes in the Trust&#146;s market price and net asset value per
 share:</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="37%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Change</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>High</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Low</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Market Price</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15.75</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>17.43</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN="CENTER"><FONT SIZE=2  FACE=ARIAL>(9.64)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>18.43</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14.60</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Net Asset Value</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14.45</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14.91</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN="CENTER"><FONT SIZE=2  FACE=ARIAL>(3.09)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15.45</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13.77</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="17" VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>The following
 unaudited charts show the Trust&#146;s portfolio composition and credit quality
 allocations of the Trust&#146;s long-term investments:</FONT></P>
</TD>
</TR>
</table>

<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="74%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>

<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM   colspan=7 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Portfolio Composition</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>


<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Sector</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Hospitals</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>21</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>18</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Transportation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>21</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>8</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>City, County &amp;
 State</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>17</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>24</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Education</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>21</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Water &amp; Sewer</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Housing</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Lease Revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Tobacco</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Tax Revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Power</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM   colspan=7 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Credit Quality Allocations<SUP>5</SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>




<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Credit Rating</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>AAA/Aaa</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>31</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>37</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>AA/Aa</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>21</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>10</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>A</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>27</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>29</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>BBB/Baa</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>10</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Not Rated</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>11</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>11</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="Margin-top:-1px"><FONT FACE="ARIAL" SIZE="1">5</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="Margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>12</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="45%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="54%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
</TD>
<TD VALIGN=TOP>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 FACE=ARIAL COLOR=#1E5F95>Trust Summary <FONT size=2 FACE=ARIAL COLOR=#1E5F95>as of August 31, 2008</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL COLOR=#1E5F95><B>BlackRock New Jersey Municipal Bond Trust</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR bgcolor=#E7ECF6>
<TD colspan=2 VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Investment
 Objective</B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT FACE="ARIAL" SIZE="2"><B>BlackRock New
Jersey Municipal Bond Trust (BLJ) (the &#147;Trust&#148;) </B>seeks to provide current
income exempt from regular federal income taxes and New Jersey gross income
taxes. Under normal market conditions, the Trust will invest at least 80% of
its total assets in municipal bonds that are investment grade quality, or
determined by the Advisor to be of equivalent credit quality at time of purchase.
The Trust may invest up to 20% of its total assets in municipal bonds that
are rated, at the time of investment, Ba/BB or B by Moody&#146;s, S&amp;P or Fitch
or that are unrated but judged to be of comparable quality by BlackRock. </FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Performance</B></FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
<TR style="font-size:1px">
<TD WIDTH="2%" COLSPAN="2" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="98%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>For the 12 months
 ended August 31, 2008, the Trust returned (7.15)% based on market price and
 (2.12)% based on NAV. For the same period, the closed-end Lipper New Jersey
 Municipal Debt Funds category posted an average return of 0.21% on a NAV
 basis. All returns reflect reinvestment of dividends. Overall, security
 selection played a more significant role in recent performance than did the
 Trust&#146;s modestly above-average duration. The Trust&#146;s overweight in both
 lower-rated issues and issues subject to the alternative minimum tax was the
 primary detractor from performance as the market prices of these issues
 declined dramatically during the year. However, the incremental income these
 holdings generated allowed the Trust to distribute the highest dividend yield
 in its peer group. The Trust&#146;s premium to NAV, which narrowed during the
 period, accounts for the difference between performance based on price and
 performance based on NAV.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>The views expressed reflect the opinions of BlackRock as
 of the date of this report and are subject to change based on changes in
 market, economic or other conditions. These views are not intended to be a
 forecast of future events and are no guarantee of future results.</FONT></P>
</TD>
</TR>
</table>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Trust
 Information</B></FONT></P>
</TD>
</TR>

</table>

<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
 <TR style="font-size:1px">
 <TD WIDTH="73%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="19%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Symbol on American
 Stock Exchange</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>BLJ</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Initial Offering
 Date</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>April 30, 2002</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Yield on Closing
 Market Price as of August 31, 2008 ($14.76)<SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>5.73%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Tax Equivalent
 Yield<SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>8.82%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Current Monthly
 Distribution per Common Share<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$0.0705</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Current Annualized
 Distribution per Common Share<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$0.8460</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Leverage as of
 August 31, 2008<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>38%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Yield on closing market price is calculated by dividing
 the current annualized distribution per share by the closing market price.<BR>
 Past performance does not guarantee future results.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Tax equivalent yield assumes the maximum federal tax rate
 of 35%.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>The distribution is not constant and is subject to change.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>As a percentage of total managed assets, which is the
 total assets of the Trust (including any assets attributable to Preferred
 Shares and TOBs) minus the sum of accrued liabilities.</FONT></P>
</TD>
</TR>
</table>
<BR>
<Div style="margin-left:15%"><FONT SIZE=2 FACE=ARIAL>The table below summarizes the changes in the Trust&#146;s market price and
net asset value per share:</FONT></DIV>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
<TR style="font-size:12px">
<TD WIDTH="36%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Change</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>High</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Low</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Market Price</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14.76</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>16.90</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(12.66</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>18.75</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=2 FACE=ARIAL>Net Asset Value</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14.16</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15.38</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(7.93</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=2 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15.78</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13.85</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>The following
 unaudited charts show the Trust&#146;s portfolio composition and credit quality
 allocations of the Trust&#146;s long-term investments:</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD colspan=2 VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Portfolio
 Composition</B></FONT></P>
</TD>
</TR>

</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
<TR style="font-size:1px">
<TD WIDTH="67%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Sector</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Hospitals</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>35</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>32</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Transportation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>17</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Education</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>11</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>City, County &amp;
 State</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>11</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>10</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Tax Revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Industrial &amp;
 Pollution Control</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Housing</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Power</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Tobacco</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Water &amp; Sewer</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Lease Revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>

<TR bgcolor=#E7ECF6>
<TD colspan=2 VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Credit Quality
 Allocations<SUP>5</SUP></B></FONT></P>
</TD>
</TR>

</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
<TR style="font-size:1px">
<TD WIDTH="71%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Credit Rating</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>AAA/Aaa</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>29</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>38</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>AA/Aa</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>10</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>A</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>31</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>BBB/Baa</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>39</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>B</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Not Rated</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>12</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>



<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>5</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="60%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="20%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:1px solid black'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:1px solid black'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
REPORT</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
31, 2008</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>13</FONT></P>
</TD>
</TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="42%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="57%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
</TD>
<TD VALIGN=TOP>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 FACE=ARIAL COLOR=#1E5F95>Trust Summary<FONT size=2 FACE=ARIAL COLOR=#1E5F95> as of August 31, 2008</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL COLOR=#1E5F95><B>BlackRock New York Insured Municipal Income
 Trust</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD colspan=2 VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Investment
 Objective</B></FONT></P>
</TD>

</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT FACE="ARIAL" SIZE="2"><B>BlackRock New York
Insured Municipal Income Trust (BSE) (the &#147;Trust&#148;) </B>seeks to provide high
current income exempt from regular federal income taxes and New York State
and New York City personal income taxes. The Trust will invest at least 80%
of its total assets in municipal obligations that are insured as to the
timely payment of both principal and interest. BSE is currently 100% invested
in securities which are not subject to the alternative minimum tax (AMT). </FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>

<TR bgcolor=#E7ECF6>
<TD  VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Performance</B></FONT></P>
</TD>
</TR>

</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
<TR style="font-size:1px">
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="98%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>For the 12 months
 ended August 31, 2008, the Trust returned (1.07%) based on market price and
 0.80% based on NAV. For the same period, the closed-end Lipper Single-State
 Insured Municipal Debt Funds category posted an average return of 1.32% on a
 NAV basis. All returns reflect reinvestment of dividends. The Trust&#146;s
 exposure to longer-dated bonds was the primary detractor from performance, as
 these securities proved more volatile when risk spreads increased and the
 municipal yield curve steepened. Performance also was hampered by an
 above-average exposure to select long insured bonds, which underperformed due
 to the monoline insurers&#146; credit woes and subsequent ratings downgrades.
 Conversely, the Trust&#146;s above-average distribution rate benefited
 performance. Looking ahead, we believe the Trust is well positioned to
 benefit amid a recovery in market liquidity, a reversion to historical
 valuations versus Treasury issues and a continued slowing economy. The
 Trust&#146;s discount to NAV, which widened during the period, accounts for the
 difference between performance based on price and performance based on NAV.</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>The views expressed reflect the opinions of BlackRock as
 of the date of this report and are subject to change based on changes in
 market, economic or other conditions. These views are not intended to be a
 forecast of future events and are no guarantee of future results.</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Trust
 Information</B></FONT></P>
</TD>
</TR>

</table>

<BR>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
 <TR style="font-size:1px">
 <TD WIDTH="73%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="19%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Symbol on New York
 Stock Exchange</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>BSE</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Initial Offering
 Date</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>October 31, 2002</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Yield on Closing
 Market Price as of August 31, 2008 ($13.26)<SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>5.25%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Tax Equivalent
 Yield<SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>8.08%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Current Monthly
 Distribution per Common Share<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$0.058</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Current Annualized
 Distribution per Common Share<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>$0.696</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Leverage as of
 August 31, 2008<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2  FACE=ARIAL>38%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Yield on closing market price is calculated by dividing
 the current annualized distribution per share by the closing market price.<BR>
 Past performance does not guarantee future results.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Tax equivalent yield assumes the maximum federal tax rate
 of 35%.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>The distribution is not constant and is subject to change.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>As a percentage of total managed assets, which is the
 total assets of the Trust (including any assets attributable to Preferred
 Shares and TOBs) minus the sum of accrued liabilities.</FONT></P>
</TD>
</TR>
</table>

<BR>


<div style="margin-left:15%"><FONT SIZE=2 FACE=ARIAL>The table below
 summarizes the changes in the Trust&#146;s market price and net asset value per
 share:</FONT></div>



<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
<TR style="font-size:12px">
<TD WIDTH="36%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Change</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>High</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Low</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Market Price</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13.26</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14.12</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN="RIGHT"><FONT SIZE=2 FACE=ARIAL>(6.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN="LEFT"><FONT SIZE=2  FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14.99</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=2 FACE=ARIAL>Net Asset Value</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13.95</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>14.58</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>(4.32</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=2 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>15.16</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13.07</FONT></P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>The following
 unaudited charts show the Trust&#146;s portfolio composition and credit quality
 allocations of the Trust&#146;s long-term investments:</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD colspan=2 VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Portfolio
 Composition</B></FONT></P>
</TD>
</TR>

</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
<TR style="font-size:1px">
<TD WIDTH="67%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Sector</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR style="font-size:1px">
<TD VALIGN=TOP colspan=8 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Education</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>31</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>31</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Transportation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>29</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>29</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>City, County &amp;
 State</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>10</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>8</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Tax Revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>10</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>8</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Hospitals</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>9</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Water &amp; Sewer</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Power</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Tobacco</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Lease Revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Housing</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1px">
<TD VALIGN=TOP colspan=8 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>

<TR bgcolor=#E7ECF6>
<TD colspan=2 VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Credit Quality
 Allocations<SUP>5</SUP></B></FONT></P>
</TD>
</TR>

</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
<TR style="font-size:1px">
<TD WIDTH="71%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Credit Rating</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>AAA/Aaa</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>36</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>92</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>AA/Aa</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>47</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>A</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>BBB/Baa</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>8</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Not Rated</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1px">
<TD VALIGN=TOP colspan=8 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>5</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>14</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Trust Summary <FONT SIZE=2  COLOR=#1E5F95 FACE=ARIAL>as of August 31, 2008</FONT></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=#1E5F95 FACE=ARIAL><B>BlackRock New York Municipal Bond Trust</B></FONT></P>
 </TD>
 </TR>
</table>
<BR>



<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Investment Objective</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>
<BR>

<DIV  style='margin-left:15%'><FONT SIZE=2 FACE=ARIAL><b>BlackRock New York Municipal Bond Trust (BQH) (the &#147;Trust&#148;)</b> seeks to
provide current income exempt from regular federal income taxes and New York
State and New York City personal income taxes. Under normal market conditions,
the Trust will invest at least 80% of its total assets in municipal bonds that
are investment grade quality, or determined by the Advisor to be of equivalent
credit quality at time of purchase. The Trust may invest up to 20% of its total
assets in municipal bonds that are rated, at the time of investment, Ba/BB or B
by Moody&#146;s, S&amp;P or Fitch or that are unrated but judged to be of comparable
quality by BlackRock.</FONT></div>

<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Performance</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>
<BR>
<DIV  style='margin-left:15%'><FONT SIZE=2 FACE=ARIAL>For the 12 months ended August 31, 2008, the Trust returned (4.76%)
based on market price and 1.62% based on NAV. For the same period, the
closed-end Lipper New York Municipal Debt Funds category posted an average
return of 1.26% on a NAV basis. All returns reflect reinvestment of dividends.
The Trust&#146;s above-average distribution rate was the primary contributor to
performance. The Trust&#146;s relatively neutral duration positioning also proved
advantageous. Additionally, an overweight in higher-quality uninsured bonds enhanced
relative returns, as these holdings were less affected by the credit rating
downgrades of the monoline insurers and the reduced liquidity and spread
widening of enhanced paper. Looking ahead, we believe the Trust is well
positioned to benefit amid a reversion to historical valuations versus Treasury
issues and a continued slowing economy. The Trust moved from a premium to NAV
to a discount by period-end, which accounts for the difference between
performance based on price and performance based on NAV.</FONT></div>
<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<DIV  style='margin-left:15%'><FONT SIZE=1 FACE=ARIAL>The views expressed reflect the opinions of BlackRock as
  of the date of this report and are subject to change based on changes in
  market, economic or other conditions. These views are not intended to be a
  forecast of future events and are no guarantee of future results.</FONT></div>
</TD>
</TR>
</table>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Trust Information</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
<TR style="font-size:1px">
<TD WIDTH="81%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="15%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Symbol on New York
  Stock Exchange</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2   FACE=ARIAL>BQH</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Initial Offering
  Date</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2   FACE=ARIAL>April 30, 2002</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Yield on Closing
  Market Price as of August 31, 2008 ($14.62)<SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2   FACE=ARIAL>5.58%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Tax Equivalent
  Yield<SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2   FACE=ARIAL>8.58%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Current Monthly
  Distribution per Common Share<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2   FACE=ARIAL>$
  0.068</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Current Annualized
  Distribution per Common Share<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2   FACE=ARIAL>$
  0.816</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Leverage as of
  August 31, 2008<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2   FACE=ARIAL>37%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>Yield on closing market price is calculated by dividing
  the current annualized distribution per share by the closing market price.<BR>
  Past performance does not guarantee future results.</FONT></p>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>Tax equivalent yield assumes the maximum federal tax rate
  of 35%.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>The distribution is not constant and is subject to change.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=TOP>
<p style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>As a percentage of total managed assets, which is the
  total assets of the Trust (including any assets attributable to Preferred
  Shares and TOBs) minus the sum of accrued liabilities.</FONT></p>
</TD>
</TR>
</table>
<BR>
<DIV  style='margin-left:15%'><FONT SIZE=2 FACE=ARIAL>The table below summarizes the changes in the Trust&#146;s market price and
net asset value per share:</FONT></div>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
<TR style="font-size:1px">
<TD WIDTH="38%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Change</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>High</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Low</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Market Price</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>14.62</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>16.32</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>(10.42)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>18.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>14.42</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Net Asset Value</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>14.71</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>15.39</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>(4.42)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>15.76</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>14.34</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>
<BR>
<DIV  style='margin-left:15%'><FONT SIZE=2 FACE=ARIAL>The following unaudited charts show the Trust&#146;s portfolio composition
and credit quality allocations of the Trust&#146;s long-term investments:</FONT></div>
<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Portfolio Composition</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>
<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
<TR style="font-size:1px">
<TD WIDTH="74%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Sector</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Transportation</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>19</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>12</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Education</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>13</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>14</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Housing</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>17</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Water &amp; Sewer</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>11</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>11</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>City, County &amp;
  State</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>10</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>9</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Tax Revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>9</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>8</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Tobacco</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>9</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>10</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Hospitals</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>8</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Lease Revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Industrial &amp;
  Pollution Control</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>9</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Power</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>
<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Credit Quality Allocations<SUP>5</SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
<TR style="font-size:1px">
<TD WIDTH="74%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Credit Rating</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>AAA/Aaa</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>38</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>43</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>AA/Aa</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>25</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>19</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>A</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>12</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>12</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>BBB/Baa</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>17</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>17</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>B</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>8</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Not Rated</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</FONT></P>
</TD>
</TR>
</table>
<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT  SIZE=1 FACE=ARIAL>15</FONT></P>
 </TD>
 </TR>
</table>


<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Trust Summary <FONT SIZE=2  COLOR=#1E5F95 FACE=ARIAL>as of August 31, 2008</FONT></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=#1E5F95 FACE=ARIAL><B>BlackRock New York Municipal Income Trust II</B></FONT></P>
 </TD>
 </TR>
</table>
<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Investment Objective</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>
<BR>

<DIV  style='margin-left:15%'><FONT SIZE=2 FACE=ARIAL><B>BlackRock New York Municipal Income Trust II (BFY) (the &#147;Trust&#148;)</B> seeks
to provide high current income exempt from regular federal income taxes and New
York State and New York City personal income taxes. Under normal market
conditions, the Trust will invest at least 80% of its total assets in municipal
bonds that are investment grade quality, or determined by the Advisor to be of
equivalent credit quality at time of purchase. The Trust may invest up to 20%
of its total assets in municipal bonds that are rated, at the time of
investment, Ba/BB or B by Moody&#146;s, S&amp;P or Fitch or that are unrated but
judged to be of comparable quality by BlackRock.</FONT></div>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Performance</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>
<BR>


<DIV  style='margin-left:15%'><FONT SIZE=2 FACE=ARIAL>For the 12 months ended August 31, 2008, the Trust returned 1.08% based
on market price and 1.70% based on NAV. For the same period, the closed-end
Lipper New York Municipal Debt Funds category posted an average return of 1.26%
on a NAV basis. All returns reflect reinvestment of dividends. The Trust
maintained an average distribution rate over the annual period. However,
performance benefited from a relatively neutral duration positioning, as well
as an overweight in higher-quality uninsured bonds, which were less affected by
the credit rating downgrades of the monoline insurers and the reduced liquidity
and spread widening of enhanced paper. Looking ahead, we believe the Trust is
well positioned to benefit amid a reversion to historical valuations versus
Treasury issues and a continued slowing economy. The Trust&#146;s discount to NAV,
which widened during the period, accounts for the difference between
performance based on price and performance based on NAV.</FONT></div>
<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<DIV  style='margin-left:15%'><FONT SIZE=1 FACE=ARIAL>The views expressed reflect the opinions of BlackRock as
  of the date of this report and are subject to change based on changes in
  market, economic or other conditions. These views are not intended to be a
  forecast of future events and are no guarantee of future results.</FONT></div>
</TD>
</TR>
</table>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Trust Information</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>
<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
<TR style="font-size:1px">
<TD WIDTH="80%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#e6e6e6>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Symbol on American
  Stock Exchange</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2   FACE=ARIAL>BFY</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Initial Offering
  Date</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2   FACE=ARIAL>July 30, 2002</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Yield on Closing
  Market Price as of August 31, 2008 ($13.60)<SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2   FACE=ARIAL>5.51%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Tax Equivalent
  Yield<SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2   FACE=ARIAL>8.48%</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Current Monthly
  Distribution per Common Share<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2   FACE=ARIAL>$
  0.0625</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Current Annualized
  Distribution per Common Share<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2   FACE=ARIAL>$
  0.7500</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Leverage as of
  August 31, 2008<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2   FACE=ARIAL>39%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>Yield on closing market price is calculated by dividing
  the current annualized distribution per share by the closing market price.<BR>
  Past performance does not guarantee future results.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>Tax equivalent yield assumes the maximum federal tax rate
  of 35%.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>The distribution is not constant and is subject to change.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>As a percentage of total managed assets, which is the
  total assets of the Trust (including any assets attributable to Preferred
  Shares) minus the sum of accrued liabilities.</FONT></P>
</TD>
</TR>
</table>
<BR>
<DIV  style='margin-left:15%'><FONT SIZE=2 FACE=ARIAL>The table below summarizes the changes in the Trust&#146;s market price and
net asset value per share:</FONT></div>
<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
<TR style="font-size:1px">
<TD WIDTH="48%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Change</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>High</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Low</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Market Price</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>13.60</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>14.22</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>(4.36</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>15.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>13.04</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Net Asset Value</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>14.28</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>14.84</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>(3.77</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>15.26</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>13.72</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>
<BR>
<DIV  style='margin-left:15%'><FONT SIZE=2 FACE=ARIAL>The following unaudited charts show the Trust&#146;s portfolio composition
and credit quality allocations of the Trust&#146;s long-term investments:</FONT></div>
<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Portfolio Composition</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
<TR style="font-size:1px">
<TD WIDTH="78%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Sector</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Transportation</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>21</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>20</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Education</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>17</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>18</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Housing</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>11</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>10</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Tobacco</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>11</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>11</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Industrial &amp;
  Pollution Control</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>11</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>15</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Hospitals</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>City, County &amp;
  State</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>9</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Water &amp; Sewer</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Tax Revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Power</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>
<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Credit Quality Allocations<SUP>5</SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
<TR style="font-size:1px">
<TD WIDTH="78%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Credit Rating</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>AAA/Aaa</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>30</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>47</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>AA/Aa</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>40</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>25</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>A</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>14</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>13</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>BBB/Baa</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>7</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>8</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>BB/Ba</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>2</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>B</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>6</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>6</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Not Rated</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>1</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>1</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD WIDTH=21>
</TD>
<TD WIDTH=5>
</TD>
<TD WIDTH=2>
</TD>
<TD WIDTH=21>
</TD>
<TD WIDTH=6>
</TD>
<TD WIDTH=1>
</TD>
<TD WIDTH=10>
</TD>
</TR>
</table>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:15%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>Using the higher of S&amp;P&#146;s or
  Moody&#146;s <FONT SIZE=1 FACE=ARIAL>ratings.</FONT></FONT></P>
</TD>
</TR>
</table>
<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>16</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Trust Summary</FONT> <FONT SIZE=2 COLOR=#1E5F95 FACE=ARIAL>as of August 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=#1E5F95 FACE=ARIAL><B>BlackRock Virginia Municipal Bond Trust</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Investment Objective</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>
<BR>


<P style='margin-left:15%'><FONT FACE="ARIAL" SIZE="2"><B>BlackRock
Virginia Municipal Bond Trust (BHV) (the &#147;Trust&#148;)</B> seeks to provide current
income exempt from regular federal income taxes and Virginia personal income
taxes. Under normal market conditions, the Trust will invest at least 80% of
its total assets in municipal bonds that are investment grade quality, or
determined by the Advisor to be of equivalent credit quality at time of
purchase. The Trust may invest up to 20% of its total assets in municipal bonds
that are rated, at the time of investment, Ba/BB or B by Moody&#146;s, S&amp;P or
Fitch or that are unrated but judged to be of comparable quality by BlackRock. </FONT></p>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Performance</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<P style='margin-left:15%'><FONT SIZE=2 FACE=ARIAL>For the 12
months ended August 31, 2008, the Trust returned 14.97% based on market price
and 1.59% based on NAV. For the same period, the closed-end Lipper Other States
Municipal Debt Funds category posted an average return of 1.93% on a NAV basis.
All returns reflect reinvestment of dividends. The Trust derived most of its
positive performance from income generated by book yields that are comfortably
above current market rates. The Trust&#146;s longer-maturity holdings also benefited
results, as the yield curve flattened significantly amid heightened inflation
concerns and these issues outperformed. Moreover, positive sector allocation
and minimal exposure to the troubled monoline insurers proved advantageous. The
Trust&#146;s premium to NAV, which widened during the period, accounts for the
difference between performance based on price and performance based on NAV.</FONT></P>

<P style='margin-left:17%'><FONT SIZE=1 FACE=ARIAL>The views expressed reflect
the opinions of BlackRock as of the date of this report and are subject to
change based on changes in market, economic or other conditions. These views
are not intended to be a forecast of future events and are no guarantee of
future results.</FONT></P>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Trust Information</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="73%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="20%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Symbol on American Stock Exchange</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2   FACE=ARIAL>BHV</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Initial
 Offering Date</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2   FACE=ARIAL>April 30, 2002</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Yield on Closing Market Price as of August 31, 2008 ($19.50)<SUP>1</SUP></FONT></P></TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN="CENTER"><FONT SIZE=2 FACE=ARIAL>4.46%</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Tax Equivalent Yield<SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2   FACE=ARIAL>6.86%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Current Monthly Distribution per Common Share<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=2   FACE=ARIAL>$0.072428</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Current Annualized Distribution per Common Share<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2   FACE=ARIAL>$0.869136</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Leverage as of August 31, 2008<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2   FACE=ARIAL>37%</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style='margin-top:-3px'><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style='margin-top:3px'><FONT SIZE=1 FACE=ARIAL>Yield on closing market price is calculated by dividing
  the current annualized distribution per share by the closing market price.<BR>
  Past performance does not guarantee future results.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style='margin-top:-3px'><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style='margin-top:3px'><FONT SIZE=1 FACE=ARIAL>Tax equivalent yield assumes the maximum federal tax rate of 35%.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style='margin-top:-3px'><FONT SIZE=1 FACE=ARIAL><SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style='margin-top:3px'><FONT SIZE=1 FACE=ARIAL>The distribution is not constant and is subject to change.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style='margin-top:-3px'><FONT SIZE=1 FACE=ARIAL><SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style='margin-top:3px'><FONT SIZE=1 FACE=ARIAL>As a percentage of total managed assets, which is the total assets of
the Trust (including any assets attributable to Preferred Shares and TOBs)
minus the sum of accrued liabilities.</FONT></P>
</TD>
</TR>

</table>

<P style='margin-left:15%'><FONT SIZE=2 FACE=ARIAL>The table
below summarizes the changes in the Trust&#146;s market price and net asset value
per share:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="44%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Change</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>High</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>Low</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Market Price</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>19.50</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>17.85</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>9.24</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>20.60</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>16.25</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Net Asset Value</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>15.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>15.57</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>(3.47</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>16.12</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>14.68</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<P style='margin-left:15%'><FONT SIZE=2 FACE=ARIAL>The following unaudited charts show the Trust&#146;s
portfolio composition and credit quality allocations of the Trust&#146;s
long-term investments:</FONT></P>

<TABLE  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%"  style='margin-left:15%'>
 <TR style="font-size:1px">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Portfolio Composition</B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="70%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Sector</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Hospitals</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>23</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>17</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Water &amp; Sewer</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>17</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>18</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Transportation</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>21</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Housing</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>13</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>17</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Education</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>10</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>City, County &amp; State</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>9</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>10</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Industrial &amp; Pollution Control</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Lease Revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Tobacco</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>Tax Revenue</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%"   style='margin-left:15%'>
 <TR style="font-size:1px">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Credit Quality Allocations<SUP>5</SUP></B></FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="70%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Credit Rating</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>8/31/08</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1   FACE=ARIAL><B>8/31/07</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>AAA/Aaa</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>34</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>50</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>AA/Aa</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>27</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>12</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>A</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>17</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>12</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL>BBB/Baa</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>14</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL>Not Rated</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>15</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=2 FACE=ARIAL><SUP>6</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=2   FACE=ARIAL>12</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style='margin-left:15%'>
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style='margin-top:-3px'><FONT SIZE=1 FACE=ARIAL><SUP>5</SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P style='margin-top:3px'><FONT SIZE=1 FACE=ARIAL>Using the higher of S&amp;P&#146;s or Moody&#146;s ratings.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style='margin-top:-3px'><FONT SIZE=1 FACE=ARIAL><SUP>6</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style='margin-top:3px'><FONT SIZE=1 FACE=ARIAL>The investment advisor has deemed certain of these non-rated securities
to be of investment grade quality. As of August 31, 2008 the market value of
these securities was $2,170,858 representing 6%, respectively, of the Trust&#146;s
long-term investments.</FONT></P>
</TD>
</TR>
</table>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>17</FONT></P>
 </TD>
 </TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL><A NAME=A003></A>The Benefits and Risks of Leveraging</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>
<BR>


<P><FONT SIZE=2 FACE=ARIAL>The Trusts may
utilize leverage to seek to enhance the yield and NAV of their Common Shares.
However, these objectives cannot be achieved in all interest rate environments.</font></p>

<P><FONT FACE="ARIAL" SIZE="2">To leverage,
each Trust issues Preferred Shares, which pay dividends at prevailing
short-term interest rates, and invests the proceeds in long-term municipal
bonds. The interest earned on these investments is paid to Common Shareholders
in the form of dividends, and the value of these portfolio holdings is
reflected in the per share NAV of each Trust&#146;s Common Shares. However, in order
to benefit Common Shareholders, the yield curve must be positively sloped; that
is, short-term interest rates must be lower than long-term interest rates. At
the same time, a period of generally declining interest rates will benefit
Common Shareholders. <B>If either of these conditions change, then the risks of
leveraging will begin to outweigh the benefits. If the yield curve becomes
negatively sloped, meaning short term interest rates exceed long term interest
rates, returns to Common Shareholders will be lower than if the Fund had not
used leverage.</B> </FONT></P>


<P><FONT SIZE=2 FACE=ARIAL>To illustrate these concepts, assume a trust&#146;s Common Shares capitalization of $100 million
and the issuance of Preferred Shares for an additional $50 million, creating a
total value of $150 million available for investment in long-term municipal
bonds. If prevailing short-term interest rates are approximately 3% and
long-term interest rates are approximately 6%, the yield curve has a strongly
positive slope. The fund pays dividends on the $50 million of Preferred Shares
based on the lower short-term interest rates. At the same time, the fund&#146;s
total portfolio of $150 million earns the income based on long-term interest
rates.</FONT></P>

<P><FONT FACE="ARIAL" SIZE="2">In this case, the dividends paid to Preferred
Shareholders are significantly lower than the income earned on the fund&#146;s
long-term investments, and therefore the Common Shareholders are the
beneficiaries of the incremental yield. However, <B>if short-term interest
rates rise, </B>narrowing the differential between short-term and long-term
interest rates, <B>the incremental yield pickup on the Common Shares will be
reduced or eliminated completely. </B>At the same time, the market value of the
fund&#146;s Common Shares (that is, its price as listed on the New York Stock
Exchange or American Stock Exchange), may, as a result, decline. <B>Furthermore,
if long-term interest rates rise, the Common Shares&#146; NAV will reflect the full
decline in the price of the portfolio&#146;s investments, since the value of the
fund&#146;s Preferred Shares does not fluctuate.</B> In addition to the decline in NAV,
the market value of the fund&#146;s Common Shares may also decline. </FONT> </P>

<P><FONT FACE="ARIAL" SIZE="2">In addition, the Trusts may from time to time leverage their assets through the use of tender
option bond (&#147;TOB&#148;) programs. In a typical TOB program, the Trust transfers one
or more municipal bonds to a TOB trust, which issues short-term variable rate
securities to third-party investors and a residual interest to the Trust. The
cash received by the TOB trust from the issuance of the short-term securities
(less transaction expenses) is paid to the Trust, which invests the cash in
additional portfolio securities. The distribution rate on the short-term
securities is reset periodically (typically every seven days) through a
remarketing of the short-term securities. Any income earned on the bonds in the
TOB trust, net of expenses incurred by the TOB trust, that is not paid to the
holders of the short-term securities is paid to the Trust. In connection with
managing the Trusts&#146; assets, the Trusts&#146; investment advisor may at the time
retrieve the bonds out of the TOB trust typically within seven days. <B>TOB
investments generally will provide the Trust with economic benefits in periods
of declining short-term interest rates, but expose the Trust to risks during
periods of rising short-term interest rates similar to those associated with
Preferred Shares issued by the Trust, as described above. Additionally,
fluctuations in the market value of municipal securities deposited into the TOB
trust may adversely affect the Trusts&#146; NAVs per share.</B> (See Note 1 of the Notes
to Financial Statements for details of municipal bonds transferred to TOB
trusts.).</FONT></P>

<P><FONT FACE="ARIAL" SIZE="2"><B>Under the Investment Company Act of 1940, the Trusts are permitted to issue Preferred
Shares in an amount of up to 50% of their total managed assets at the time of
issuance. Under normal circumstances, each Trust anticipates that the total
economic leverage incurred from Preferred Shares and TOBs will not exceed 50% of
its total managed assets. As of August 31, 2008, the Trusts had leverage from
Preferred Shares and/or TOBs as a percentage of their total managed assets as
follows:</B> </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="73%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM style="border-top:solid black 1px;border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM style="border-top:solid black 1px;border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM style="border-top:solid black 1px;border-bottom:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM colspan=2 style="border-top:solid black 1px;border-bottom:solid black 1px">
 <P ALIGN="RIGHT"><FONT FACE="ARIAL" SIZE="1"><B>Percent of<br>Leverage</B> </FONT></P>
 </TD>
</tr>

<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>BlackRock Insured Municipal Income Investment Trust</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN="RIGHT"><FONT SIZE=1 FACE=ARIAL>38</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN="LEFT"><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>BlackRock Insured Municipal Income Trust</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN="RIGHT"><FONT SIZE=1 FACE=ARIAL>38</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN="LEFT"><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
</TR>

<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>BlackRock Municipal Bond Investment Trust</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN="RIGHT"><FONT SIZE=1 FACE=ARIAL>38</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN="left"><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>BlackRock Municipal Bond Trust</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN="RIGHT"><FONT SIZE=1 FACE=ARIAL>39</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN="left"><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
</TR>

<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>BlackRock Municipal Income Trust II</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN="RIGHT"><FONT SIZE=1 FACE=ARIAL>39</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN="left"><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>BlackRock California
 Insured Municipal Income Trust</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN="RIGHT"><FONT SIZE=1 FACE=ARIAL>38</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN="left"><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>BlackRock California
 Municipal Bond Trust</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN="RIGHT"><FONT SIZE=1 FACE=ARIAL>37</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN="left"><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>BlackRock California
 Municipal Income Trust II</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN="RIGHT"><FONT SIZE=1 FACE=ARIAL>39</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN="left"><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>BlackRock Maryland
 Municipal Bond Trust</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN="RIGHT"><FONT SIZE=1 FACE=ARIAL>38</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN="left"><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>BlackRock New Jersey
 Municipal Bond Trust</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN="RIGHT"><FONT SIZE=1 FACE=ARIAL>38</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN="left"><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>BlackRock New York Insured
 Municipal Income Trust</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN="RIGHT"><FONT SIZE=1 FACE=ARIAL>38</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN="left"><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>BlackRock New York
 Municipal Bond Trust</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN="RIGHT"><FONT SIZE=1 FACE=ARIAL>37</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN="left"><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>BlackRock New York
 Municipal Income Trust II</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN="RIGHT"><FONT SIZE=1 FACE=ARIAL>39</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN="left"><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>BlackRock Virginia
 Municipal Bond Trust</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN="RIGHT"><FONT SIZE=1 FACE=ARIAL>37</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN="left"><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
 </TD>
</TR>
<TR>
<TD VALIGN=BOTTOM colspan=5 style="border-top:solid black 1px">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</TR>
</TABLE>
<BR>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B><A NAME=A004></a>Swap Agreements</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

 <P ><FONT SIZE=2 FACE=ARIAL>The Trusts may
invest in swap agreements, which are over-the-counter contracts in which one
party agrees to make periodic payments based on the change in market value of a
specified bond, basket of bonds, or index in return for periodic payments based
on a fixed or variable interest rate or the change in market value of a
different bond, basket of bonds or index. Swap agreements may be used to obtain
exposure to a bond market without owning or taking physical custody of
securities. Swap agreements involve the risk that the party with whom each
Trust has entered into a swap will default on its obligation to pay the Trust
and the risk that the Trust will not be able to meet its obligation to pay the
other party to the agreement.</font></p>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>18</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="45%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="55%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZE=6 WIDTH="100%" NOSHADE color=#7897C3 ALIGN=CENTER>
</TD>
</TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><font size=1>&nbsp;</font></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL><A NAME=A005></a>Schedule of Investments <FONT COLOR="#1E5F95" SIZE=2 FACE=ARIAL>August 31, 2008</FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT STYLE="FONT-SIZE:9PT"  COLOR="#1E5F95" FACE=ARIAL><B>BlackRock Insured
 Municipal Income Investment Trust (BAF)</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  COLOR="#1E5F95" FACE=ARIAL><B>(Percentages shown are based on Net Assets)</B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="67%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal Bonds</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par
 <BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Florida&#151;121.4%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Brevard
 County, Florida, Health Facilities Authority, <BR>
 Healthcare Facilities Revenue Bonds (Health First <BR>
 Inc. Project), 5%, 4/01/36</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,750</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,540,945</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Broward
 County, Florida, School Board, COP, Series A,<BR>
 5.25%, 7/01/33 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,209,900</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Colonial
 Country Club Community Development District,<BR>
 Florida, Special Assessment Revenue Bonds,<BR>
 6.40%, 5/01/33</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,735</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,787,664</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Florida
 State Board of Education, Lottery Revenue Bonds:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series B,
 5%, 7/01/28</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,196,928</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series C,
 5%, 1/01/22 (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,640</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,826,019</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Florida
 State Department of Transportation, GO, Refunding,<BR>
 5%, 7/01/27 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,089,530</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Gainesville,
 Florida, Utilities System Revenue Bonds,<BR>
 Series A, 5%, 10/01/13 (a)(c)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,744,175</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Highlands
 County, Florida, Health Facilities Authority, Hospital <BR>
 Revenue Bonds (Adventist Health System), Series A,<BR>
 6%, 11/15/11 (c)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,450,130</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Hillsborough
 County, Florida, Aviation Authority, Revenue <BR>
 Refunding Bonds, Series D, 5.50%, 10/01/26 (d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,295</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,361,472</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Hillsborough
 County, Florida, IDA, PCR, Refunding (Tampa <BR>
 Electric Company Project), Series B, 5.15%, 9/01/25</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>513,070</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Hillsborough
 County, Florida, School Board, COP, Refunding,<BR>
 Series A, 5%, 7/01/25 (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,580</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,639,048</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Jacksonville,
 Florida, Excise Taxes Revenue Bonds, Series B,<BR>
 5%, 10/01/26 (e)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,031,920</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Lake
 County, Florida, School Board, COP, Series A,<BR>
 5%, 7/01/28 (e)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,495,380</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Miami,
 Florida, Special Obligation Revenue Bonds <BR>
 (Street and Sidewalk Improvement Program) (b):</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.25%,
 1/01/28</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,535</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,583,376</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5%, 1/01/37</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,750</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,685,723</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Miami-Dade
 County, Florida, School Board, COP, Refunding,<BR>
 Series B (d):</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.25%,
 5/01/25</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,025,860</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.25%,
 5/01/28</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,600</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,625,360</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.25%,
 5/01/30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,527,225</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Miami-Dade
 County, Florida, Special Obligation Revenue <BR>
 Bonds (b)(f):</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Sub-Series
 A, 5.26%, 10/01/39</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,606,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Sub-Series
 A, 5.26%, 10/01/40</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,510,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Sub-Series
 B, 5.617%, 10/01/31</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>26,935</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,529,141</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Orange
 County, Florida, Educational Facilities Authority,<BR>
 Educational Facilities Revenue Bonds (Rollins College <BR>
 Project), 5.25%, 12/01/27 (e)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,335</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,360,378</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Orange
 County, Florida, Health Facilities Authority, Hospital <BR>
 Revenue Refunding Bonds (Orlando Regional Healthcare),<BR>
 Series B, 5.25%, 12/01/29 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,529,580</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="67%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal Bonds</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL><B>Par
 <BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL COLOR="#1E5F95"><B>Florida (continued)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Orange County, Florida, Sales Tax Revenue Refunding Bonds,<BR>
 Series B, 5.125%, 1/01/32 (g) </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,975</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,053,155</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Orange County, Florida, School Board, COP, Series A,<BR>
 5%, 8/01/27 (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,997,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Orange County, Florida, Tourist Development, Senior Lien Tax <BR>
 Revenue Bonds, 5.125%, 4/01/12 (c)(e)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,250</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,048,460</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Orange County, Florida, Tourist Development, Tax Revenue <BR>
 Refunding Bonds, 5%, 10/01/29 (e)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,600</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,589,616</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Orlando and Orange County, Florida, Expressway Authority <BR>
 Revenue Bonds, Series A, 5%, 7/01/32 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,502,475</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Palm Bay, Florida, Utility System Improvement Revenue <BR>
 Bonds (f)(g):</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.47%, 10/01/28</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,015</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,262,677</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.48%, 10/01/31</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,570</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,408,764</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Pasco County, Florida, School Board, COP, Series A,<BR>
 5%, 8/01/27 (b)(g)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,815</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,807,731</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Pinellas County, Florida, Health Facilities Authority Revenue <BR>
 Bonds (BayCare Health System Inc.), 5.50%, 5/15/13 (c)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,576,750</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Polk County, Florida, Utility System Revenue Bonds,<BR>
 5%, 10/01/29 (b)(g)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,967,550</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Saint Johns County, Florida, Ponte Vedra Utility System <BR>
 Revenue Bonds, 5%, 10/01/37 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,600</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,599,870</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Sarasota County, Florida, Utilities System Revenue <BR>
 Refunding Bonds, Series C, 5.25%, 10/01/22 (g)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,945</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,061,063</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Sunrise, Florida, Utility System Revenue Refunding Bonds,<BR>
 5%, 10/01/28 (e)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,980,950</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Tohopekaliga, Florida, Water Authority, Utility System <BR>
 Revenue Bonds, Series B, 5%, 10/01/23 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,025,580</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Village Center Community Development District, Florida,<BR>
 Recreational Revenue Bonds, Series A, 5%, 11/01/32 (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,579,900</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Village Community Development District Number 5, Florida,<BR>
 Special Assessment Bonds, Series A, 6.50%, 5/01/33</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,520</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,599,798</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Municipal Bonds&#151;121.4%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>150,931,163</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=TOP>
<HR SIZE=6 WIDTH="100%" NOSHADE color=#7897C3 ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Municipal Bonds Transferred to <BR>
 Tender Option Bond Trusts (h)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Florida State Board of Education, GO (Public Education <BR>
 Capital Outlay), Series A, 5%, 6/01/27 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,113,220</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Jacksonville, Florida, Health Facilities Authority, Hospital <BR>
 Revenue Bonds (Baptist Medical Center Project),<BR>
 5%, 8/15/37 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,005</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>989,854</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Jacksonville, Florida, Sales Tax Revenue Bonds,<BR>
 5%, 10/01/27 (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,938</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,990,601</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Jacksonville, Florida, Transit Revenue Bonds,<BR>
 5%, 10/01/31 (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,513,028</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Portfolio Abbreviations</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>


<P STYLE="MARGIN-LEFT:15%"><FONT SIZE=1 FACE=ARIAL>To simplify the listings of the
portfolio holdings in the Schedules of Investments, the names and descriptions
of many of the securities have been abbreviated according to the list on the
right.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" STYLE="MARGIN-LEFT:15%">
<TR style="font-size:1px">
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="85%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>AMT</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Alternative Minimum Tax (subject to)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>CABS</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Capital Appreciation Bonds</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>COP</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Certificates of Participation</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>EDA</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Economic Development Authority</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>EDR</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Economic Development Revenue Bonds</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>GO</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>General Obligation Bonds</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>HDA</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Housing Development Authority</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>HFA</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Housing Finance Agency</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>IDA</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Industrial Development Authority</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>IDR</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Industrial Development Revenue Bonds</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>M/F</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Multi-Family</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>PCR</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Pollution Control Revenue Bonds</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>PILOT</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Payment in Lieu of Taxes</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>S/F</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Single-Family</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>SIFMA</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Securities Industry and Financial Markets Association</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>TFABS</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Tobacco Flexible Amortization Bonds</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>VRDN</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Variable Rate Demand Notes</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
<TD VALIGN=TOP COLSPAN=4>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
</TD>
 </TR>
<TR>
<TD VALIGN=TOP COLSPAN=4>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT SIZE=1 FACE=ARIAL>19</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="45%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="54%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<HR SIZE=6 WIDTH="100%" NOSHADE color=#7897C3 ALIGN=CENTER>
</TD>
</TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><font size=1>&nbsp;</font></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Schedule of Investments (concluded)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT STYLE="FONT-SIZE:9PT"   COLOR="#1E5F95" FACE=ARIAL><B>BlackRock Insured
 Municipal Income Investment Trust (BAF)</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  COLOR="#1E5F95" FACE=ARIAL><B>(Percentages shown are based on Net Assets)</B></FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="67%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal Bonds Transferred to <BR>
 Tender Option Bond Trusts (h)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par
 <BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Florida
 (concluded)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Orlando,
 Florida, Senior Tourist Development Tax <BR>
 Revenue Bonds (6th Cent Contract Payments),<BR>
 Series A, 5.25%, 11/01/38 (d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,206,182</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Palm Beach
 County, Florida, School Board, COP, Refunding,<BR>
 Series D, 5%, 8/01/28 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,192</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,269,860</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Pinellas
 County, Florida, Sewer Revenue Bonds,<BR>
 5%, 10/01/32 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,507,980</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL><B>Total Municipal Bonds Transferred to
 Tender Option <BR>
 Bond Trusts&#151;35.9%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>44,590,725</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Total Long-Term Investments <BR>
 (Cost&#151;$194,728,114)&#151;157.3%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>195,521,888</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="67%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=TOP>
<HR SIZE=6 WIDTH="100%" NOSHADE color=#7897C3 ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Short-Term Securities</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Shares</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>CMA Florida Municipal Money Fund, 1.28% (i)(j)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,278,745</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,278,745</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Total Short-Term Securities
 (Cost&#151;$4,278,745)&#151;3.4%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,278,745</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL><B>Total Investments
 (Cost&#151;$199,006,859*)&#151;160.7%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>199,800,633</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Other Assets Less Liabilities&#151;0.5%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>662,267</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL><B>Liability for Trust Certificates,<BR>
 Including Interest Expense and Fees Payable (25.5)%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(31,760,459</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Preferred Shares, at Redemption
 Value&#151;(35.7)%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(44,397,229</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL><B>Net Assets Applicable to Common
 Shares&#151;100.0%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>124,305,212</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>*</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>The cost and unrealized appreciation (depreciation) of
 investments as of August 31, 2008, as computed for federal income tax
 purposes, were as follows:</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" style="margin-left:5%">
<TR style="font-size:1px">
<TD WIDTH="82%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="13%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Aggregate cost</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>167,791,859</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Gross unrealized appreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,948,642</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Gross unrealized depreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,544,742</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Net unrealized appreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>403,900</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(a)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>FSA Insured. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(b)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>MBIA Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(c)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>U.S. government securities, held in escrow, are used to
 pay interest on this security as well as to retire the bond in full at the
 date indicated, typically at a premium to par.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(d)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Assured Guaranty Insured. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(e)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>AMBAC Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(f)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Represents a zero-coupon bond. Rate shown reflects the effective
 yield at the time of purchase.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(g)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>FGIC Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(h)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Securities represent bonds transferred to a tender option
 bond trust in exchange for which the Trust acquired residual interest
 certificates. These securities serve as collateral in a financing
 transaction. See Note 1 of the Notes to Financial Statements for details of
 municipal bonds transferred to tender option bond trusts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(i)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Investments in companies considered to be an affiliate of
 the Fund, for purposes of Section 2(a)(3) of the Investment Company Act of
 1940, were as follows:</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%"  STYLE="MARGIN-LEFT:5%">
<TR style="font-size:1px">
<TD WIDTH="67%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Affiliate</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Net
 <BR>
 Activity</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Dividend
 <BR>
 Income</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>CMA Florida Municipal Money Fund</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(790,633</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>109,052</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(j)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Represents the current yield as of report date.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><BR><B>&#149;</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><BR>Forward interest rate swaps outstanding as of August 31,
 2008 were as follows:</FONT></P>
</TD>
</TR>
</TABLE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" STYLE="MARGIN-LEFT:5%">
<TR style="font-size:1px">
<TD WIDTH="67%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Notional
 <BR>
 Amount <BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Unrealized
 <BR>
 Depreciation</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Pay a fixed
 rate of 3.845% and <BR>
 receive a floating rate based <BR>
 on 1-week SIFMA Municipal <BR>
 Swap Index Rate</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Broker, Citibank, N.A.<BR>
 Expires September 2023</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,750</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(127,751</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
<TD VALIGN=TOP COLSPAN=4>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
</TD>
 </TR>
<TR>
<TD VALIGN=TOP COLSPAN=4>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>20</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="55%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="45%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP >
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Schedule of
 Investments <FONT  COLOR="#1E5F95" FACE=ARIAL size=2>August
 31, 2008</FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT style="font-size:9pt"  COLOR="#1E5F95" FACE=ARIAL><B>BlackRock
 Insured Municipal Income Trust (BYM)</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  COLOR="#1E5F95" FACE=ARIAL><B>(Percentages shown are based on Net Assets)</B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="67%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal Bonds</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par
 <BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Alabama&#151;0.6%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Jefferson
 County, Alabama, Limited Obligation School <BR>
 Warrants, Series A, 4.75%, 1/01/25</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,800</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,296,055</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Arizona&#151;0.9%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Salt Verde
 Financial Corporation, Arizona, Senior Gas <BR>
 Revenue Bonds, 5%, 12/01/37</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,317,880</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>California&#151;33.6%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Arcadia,
 California, Unified School District, GO (Election <BR>
 of 2006), CABS, Series A, 4.96%, 8/01/39 (a)(b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>350,400</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>California
 Infrastructure and Economic Development Bank,<BR>
 First Lien Revenue Bonds (Bay Area Toll Bridges Retrofit),<BR>
 Series A, 5%, 1/01/28 (c)(d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,100</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,938,198</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>California
 State Department of Water Resources, Power <BR>
 Supply Revenue Bonds, Series A, 5.375%, 5/01/12 (d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15,567,720</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Coast
 Community College District, California, GO, Refunding<BR>
 (Election of 2002), Series C (a):</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.504%,
 8/01/31 (e)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,450</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,699,101</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.39%,
 8/01/36 (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>903,378</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Fresno,
 California, Unified School District, GO (Election of <BR>
 2001), Series E, 5%, 8/01/30 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,100</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,117,941</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Golden
 State Tobacco Securitization Corporation of California,<BR>
 Tobacco Settlement Revenue Bonds, Series A-1 (d):</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>6.625%,
 6/01/13</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,477,535</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>6.75%,
 6/01/13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16,760,115</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Los
 Angeles, California, Municipal Improvement Corporation,<BR>
 Lease Revenue Bonds, Series B1, 4.75%, 8/01/37 (f)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,704,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Los Angeles
 County, California, Metropolitan Transportation<BR>
 Authority, Sales Tax Revenue Refunding Bonds, Proposition C,<BR>
 VRDN, Second Senior Series A, 7.50%, 7/01/20 (g)(h)(o)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Metropolitan
 Water District of Southern California, Waterworks <BR>
 Revenue Bonds, Series B-1, 5%, 10/01/33 (f)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>17,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>17,600,625</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Monterey
 Peninsula Community College District, California,<BR>
 GO, CABS, Series C (a)(b):</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.15%,
 8/01/31</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13,575</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,870,504</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.16%,
 8/01/32</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14,150</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,786,682</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Orange
 County, California, Sanitation District, COP, Series B,<BR>
 5%, 2/01/31 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,518,700</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Sacramento,
 California, Unified School District, GO (Election<BR>
 of 2002), 5%, 7/01/30 (h)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,700</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,726,298</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>San Joaquin
 Hills, California, Transportation Corridor Agency,<BR>
 Toll Road Revenue Refunding Bonds, Series A, 5.45%,<BR>
 1/15/31 (b)(h)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>53,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13,694,140</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>San Jose,
 California, Unified School District, Santa Clara<BR>
 County, GO (Election of 2002), Series B, 5%, 8/01/29 (f)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,350</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,369,059</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>University
 of California Revenue Bonds, Series O, 5%,<BR>
 9/01/10 (d)(f)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,617,580</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>123,701,976</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>



<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>District of
Columbia&#151;2.6%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>District of
 Columbia Tobacco Settlement Financing <BR>
 Corporation, Asset-Backed Revenue Refunding Bonds,<BR>
 6.75%, 5/15/40</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,425,044</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Florida&#151;9.9%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Broward
 County, Florida, School Board, COP, Series A,<BR>
 5.25%, 7/01/33 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,009,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Florida
 State Department of Environmental Protection,<BR>
 Preservation Revenue Bonds, Series B, 5%, 7/01/27 (h)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,505,250</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Highlands
 County, Florida, Health Facilities Authority, Hospital<BR>
 Revenue Bonds (Adventist Health System), Series C,<BR>
 5.25%, 11/15/36</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,650</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,588,801</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="66%" VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Municipal Bonds</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Florida (concluded)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Miami-Dade
 County, Florida, Aviation Revenue Bonds<BR>
 (Miami International Airport), Series B, 5%, 10/01/37 (f)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,652,960</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Miami-Dade
 County, Florida, School Board, COP, Refunding,<BR>
 Series B (i):</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.25%,
 5/01/31</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,700</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,764,306</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5%, 5/01/33</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,415,625</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Miami-Dade
 County, Florida, Special Obligation Revenue<BR>
 Bonds, Sub-Series A, 5.25%, 10/01/38 (b)(h)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>25,520</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,410,877</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Miami,
 Florida, Special Obligation Revenue Bonds (Street and<BR>
 Sidewalk Improvement Program), 5%, 1/01/37 (h)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>963,270</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>36,310,089</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Georgia&#151;3.1%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Atlanta,
 Georgia, Water and Wastewater Revenue Bonds (a):</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5%,
 11/01/34</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,959,050</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5%,
 11/01/37</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,475</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,433,963</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11,393,013</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Illinois&#151;7.5%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Chicago,
 Illinois, Motor Fuel Tax Revenue Bonds, Series A, 5%,<BR>
 1/01/38 (i)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,969,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Chicago,
 Illinois, Special Transportation Revenue Bonds, 5.25%,<BR>
 1/01/27 (c)(d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11,550</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12,055,659</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Illinois
 Municipal Electric Agency, Power Supply Revenue<BR>
 Bonds, Series A, 5.25%, 2/01/27 (f)(h)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,112,450</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Metropolitan
 Pier and Exposition Authority, Illinois, Dedicated<BR>
 State Tax Revenue Refunding Bonds (McCormick Place<BR>
 Expansion), 5.50%, 6/15/28 (b)(h)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,377,650</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>27,514,959</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Louisiana&#151;1.4%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Louisiana
 State, Gas and Fuels Tax Revenue Bonds,<BR>
 Series A, 5%, 5/01/35 (f)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,956,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Massachusetts&#151;0.2%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Massachusetts
 Bay Transportation Authority, Sales Tax Revenue<BR>
 Refunding Bonds, Senior Series A-2, 5.12%,7/01/35 (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>686,400</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Michigan&#151;4.8%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Detroit,
 Michigan, Sewage Disposal System, Second Lien<BR>
 Revenue Bonds (f):</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series A,
 5.50%, 7/01/36 (j)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,122,340</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series B,
 5%, 7/01/33 (h)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,888,840</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series B,
 5%, 7/01/36 (h)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,764,800</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Detroit,
 Michigan, Water Supply System Revenue Bonds,<BR>
 Senior Lien, Series A:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5%, 7/01/30
 (f)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>966,410</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5%, 7/01/34
 (h)(k)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,902,620</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>17,645,010</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Nevada&#151;7.7%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Reno,
 Nevada, Sales and Room Tax Revenue Refunding Bonds<BR>
 (ReTrac-Reno Transportation Rail Access Corridor Project),<BR>
 Senior Lien, 5.125%, 6/01/12 (c)(d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,439,400</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Truckee
 Meadows, Nevada, Water Authority, Water Revenue<BR>
 Bonds, Series A (a)(d):</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5%, 7/01/11</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,694,900</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.125%,
 7/01/11</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,973,850</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.25%,
 7/01/11</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,381,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>28,489,650</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>New York&#151;2.3%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Metropolitan
 Transportation Authority, New York, Revenue<BR>
 Bonds, Series A, 5%, 11/15/31 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,450</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,566,938</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>



<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>21</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="55%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="45%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR >
<TD COLSPAN=2>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Schedule of
 Investments (continued)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT style="font-size:9pt"   COLOR="#1E5F95" FACE=ARIAL><B>BlackRock
 Insured Municipal Income Trust (BYM)</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  COLOR="#1E5F95" FACE=ARIAL><B>(Percentages shown are based on Net Assets)</B></FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="67%" VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Municipal Bonds</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>New York&#151;(concluded)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, City Municipal Water Finance<BR>
 Authority, Water and Sewer System, Revenue Refunding<BR>
 Bonds, Series A, 5%, 6/15/35 (h)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,935</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,943,862</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,510,800</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Pennsylvania&#151;1.5%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Philadelphia,
 Pennsylvania, Gas Works Revenue Bonds,<BR>
 3rd Series, 5.125%, 8/01/11 (a)(d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,601,596</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>South Carolina&#151;5.0%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>South
 Carolina Transportation Infrastructure Bank Revenue<BR>
 Bonds (c):</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Junior
 Lien, Series B, 5.125%, 10/01/11 (d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,806,400</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series A,
 5%, 10/01/33</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,750</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,640,648</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>18,447,048</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Tennessee&#151;5.4%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Knox
 County, Tennessee, Health, Educational and Housing<BR>
 Facilities Board, Hospital Facilities Revenue Refunding<BR>
 Bonds (Covenant Health), Series A (b):</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.84%, 1/01/22
 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11,705</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,596,512</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.88%,
 1/01/23 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,260</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,149,591</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.90%,
 1/01/24 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,576,290</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.91%,
 1/01/25 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,850</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,712,669</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.93%,
 1/01/26 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,857,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.07%,
 1/01/41</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,244,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Tennessee
 Energy Acquisition Corporation, Gas Revenue<BR>
 Bonds, Series A, 5.25%, 9/01/26</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>650</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>595,433</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,731,495</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Texas&#151;30.9%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Coppell,
 Texas, Independent School District, GO, Refunding,<BR>
 5.64%, 8/15/30 (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,030</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,227,754</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dallas,
 Texas, Area Rapid Transit Revenue Refunding<BR>
 Bonds, Senior Lien, 5%, 12/01/11 (c)(d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,350</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,536,567</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Harris
 County-Houston Sports Authority, Texas, Revenue<BR>
 Refunding Bonds, Junior Lien, Series H (b)(h):</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.811%,
 11/15/38</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,785</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>852,420</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.826%,
 11/15/39</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,160</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>849,341</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Harris
 County-Houston Sports Authority, Texas, Revenue<BR>
 Refunding Bonds, Third Lien, Series A-3 (b)(h):</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.98%,
 11/15/38</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>26,890</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,950,679</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.99%,
 11/15/39</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>27,675</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,804,482</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Harris
 County, Texas, GO, Refunding (b)(h):</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.49%,
 8/15/25</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,485</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,159,643</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.20%,
 8/15/28</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,915</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,856,924</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Harris
 County, Texas, Toll Road Revenue Refunding Bonds,<BR>
 Senior Lien, 5%, 8/15/30 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,510</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,535,401</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Houston,
 Texas, Combined Utility System, First Lien<BR>
 Revenue Refunding Bonds, 5%, 11/15/35 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,917,400</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Lewisville,
 Texas, Independent School District, Capital<BR>
 Appreciation and School Building, GO, Refunding,<BR>
 4.67%, 8/15/24 (b)(f)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,315</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,204,928</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>North Texas
 Tollway Authority, System Revenue Refunding<BR>
 Bonds, First Tier:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>CABS,
 5.30%, 1/01/29 (b)(i)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,553,700</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>CABS,
 5.42%, 1/01/30 (b)(i)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,750</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>509,180</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.75%,
 1/01/40 (h)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>23,050</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>23,667,740</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series A,
 6%, 1/01/25</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>750</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>784,845</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>San
 Antonio, Texas, Water System Revenue Refunding Bonds (f):</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.125%,
 5/15/29</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,350</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,397,498</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.125%,
 5/15/34</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,006,600</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="67%" VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Municipal Bonds</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Texas (concluded)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Texas State
 Turnpike Authority, Central Texas Turnpike System <BR>
 Revenue Bonds, First Tier, Series A, 5%, 8/15/42 (c)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>28,645</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>27,704,298</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Tyler,
 Texas, Health Facilities Development Corporation,<BR>
 Hospital Revenue Bonds (Mother Frances Hospital<BR>
 Regional Health Care Center), 6%, 7/01/12 (d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,353,940</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>113,873,340</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Virginia&#151;2.0%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Chesterfield
 County, Virginia, IDA, PCR, Refunding (Virginia<BR>
 Electric and Power Company), Series B, 5.875%, 6/01/17</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,224,640</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Chesterfield
 County, Virginia, IDA, PCR (Virginia Electric and<BR>
 Power Company), Series A, 5.875%, 6/01/17</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,159,390</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,384,030</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Washington&#151;9.1%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Central
 Washington University, System Revenue Bonds,<BR>
 5%, 5/01/34 (f)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,610</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,220,315</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Chelan
 County, Washington, Public Utility District Number 001,<BR>
 Consolidated Revenue Bonds (Chelan Hydro System),<BR>
 AMT, Series C, 5.125%, 7/01/33 (c)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,655</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,673,058</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Port of
 Seattle, Washington, Revenue Bonds, Series A, 5%,<BR>
 4/01/31 (f)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,428,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Washington
 State, GO, Series 02-A, 5%, 7/01/25 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,380</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,510,981</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Washington
 State Health Care Facilities Authority, Revenue Bonds<BR>
 (MultiCare Health System), Series C, 5.50%,8/15/43 (i)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,129,360</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Washington
 State Health Care Facilities Authority, Revenue<BR>
 Refunding Bonds (MultiCare Health System), Series A,<BR>
 5.50%, 8/15/38 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,569,425</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>33,531,139</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Municipal Bonds&#151;128.5%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>472,815,524</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</TABLE>



<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:10px">
<TD WIDTH="67%" VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=TOP >
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal Bonds Transferred to<BR>
 Tender Option Bond Trusts (l)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>California&#151;8.0%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>San Diego
 County, California, Water Authority, Water<BR>
 Revenue Refunding Bonds, COP, Series A, 5%, 5/01/33 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,875</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,938,131</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>San
 Francisco, California, City and County Public Utilities<BR>
 Commission, Water Revenue Refunding Bonds, Series A,<BR>
 5%, 11/01/31 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15,068,850</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>University
 of California, Revenue Bonds, Series C, 4.75%,<BR>
 5/15/37 (h)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,561,700</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>29,568,681</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Florida&#151;1.3%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Duval
 County, Florida, School Board, COP (Master Lease<BR>
 Program), 5%, 7/01/33 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,790</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,731,522</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Jacksonville,
 Florida, Health Facilities Authority, Hospital<BR>
 Revenue Bonds (Baptist Medical Center Project), 5%,<BR>
 8/15/37 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,995</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,964,935</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,696,457</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Illinois&#151;6.6%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Metropolitan
 Pier and Exposition Authority, Illinois, Dedicated<BR>
 State Tax Revenue Bonds (McCormick Place Expansion),<BR>
 Series A, 5%, 12/15/28 (h)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>24,011</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>24,315,602</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Louisiana&#151;2.6%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Louisiana
 State, Gas and Fuels Tax Revenue Bonds,<BR>
 Series A, 4.75%, 5/01/39 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,950</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,501,156</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>22</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="55%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="45%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP >
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Schedule of Investments (concluded)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT style="font-size:9pt"   COLOR="#1E5F95"  FACE=ARIAL><B>BlackRock Insured Municipal Income Trust
 (BYM)</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL COLOR="#1E5F95"><B>(Percentages
 shown are based on Net Assets)</B></FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="67%" VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal Bonds Transferred to<BR>
 Tender Option Bond Trusts (l)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Massachusetts&#151;3.6%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Massachusetts
 State School Building Authority, Dedicated<BR>
 Sales Tax Revenue Bonds, Series A, 5%, 8/15/30 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12,996</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13,232,801</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Michigan&#151;0.9%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Detroit,
 Michigan, Sewage Disposal System, Second Lien<BR>
 Revenue Refunding Bonds, Series E, 5.75%, 7/01/31 (f)(j)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,997</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,225,785</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>New York&#151;3.2%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">

<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Erie
 County, New York, IDA, School Facility Revenue Bonds<BR>
 (City of Buffalo Project), Series A, 5.75%, 5/01/28 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,494</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,894,296</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Metropolitan
 Transportation Authority, New York, Dedicated<BR>
 Tax Fund Revenue Bonds, Series A, 5%, 11/15/31 (h)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,994</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,097,249</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11,991,545</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Texas&#151;2.6%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Northside,
 Texas, Independent School District, GO,<BR>
 5.125%, 6/15/29</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,702,065</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Utah&#151;1.4%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Utah
 Transit Authority, Sales Tax Revenue Bonds, Series A,<BR>
 5%, 6/15/36 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,008</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,072,976</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Washington&#151;1.6%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Central
 Puget Sound Regional Transportation Authority,<BR>
 Washington, Sales and Use Tax Revenue Bonds, Series A,<BR>
 5%, 11/01/32 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,561,600</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>King
 County, Washington, Sewer Revenue Refunding Bonds,<BR>
 5%, 1/01/36 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,204</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,215,923</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,777,523</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL><B>Total Municipal Bonds Transferred to<BR>
 Tender Option Bond Trusts&#151;31.8%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>117,084,591</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Long-Term Investments
(Cost&#151;$585,919,266)&#151;160.3%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>589,900,115</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</TABLE>



<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:10px">
<TD WIDTH="67%" VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="8" VALIGN=TOP >
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Short-Term Securities</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Shares</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Merrill
 Lynch Institutional Tax-Exempt Fund, 1.84% (m)(n) </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,161,064</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,161,064</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Short-Term Securities
(Cost&#151;$4,161,064)&#151;1.1%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,161,064</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Investments
(Cost&#151;$590,080,330*)&#151;161.4%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>594,061,179</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Other Assets Less Liabilities&#151;0.9%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,353,869</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL><B>Liability for Trust Certificates,
 Including Interest<BR>
 Expense and Fees Payable&#151;(21.6)%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(79,288,058</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Preferred Shares, at Redemption
Value&#151;(40.7)%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(149,994,479</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Net Assets Applicable to Common
Shares&#151;100.0%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>368,132,511</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%" >
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>*</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>The cost and unrealized appreciation (depreciation) of
 investments as of August 31, 2008, as computed for federal income tax
 purposes, were as follows:</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" STYLE="MARGIN-LEFT:5%">
<TR style="font-size:1px">
<TD WIDTH="78%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Aggregate cost</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>511,619,031</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Gross unrealized appreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15,952,515</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Gross unrealized depreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(12,469,969</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Net unrealized appreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,482,546</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="94%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(a)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>FSA Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(b)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Represents a zero-coupon bond. Rate shown reflects the
 effective yield at the time of purchase.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(c)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>AMBAC Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(d)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>U.S. government securities, held in escrow, are used to
 pay interest on this security as well as to retire the bond in full at the
 date indicated, typically at a premium to par.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(e)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Represents a step bond. Rate shown reflects the effective
 yield at the time of purchase.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(f)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>FGIC Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(g)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Variable rate security. Rate shown is as of report date.
 Maturity shown is the final maturity date.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(h)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>MBIA Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(i)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Assured Guaranty Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(j)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>BHAC Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(k)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>All or a portion of the security has been pledged as
 collateral in connection with swaps. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(l)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Securities represent bonds
 transferred to a tender option trust in exchange for which the Trust acquired
 residual interest certificates. These securities serve as collateral in a
 financing transaction. See Note 1 of the Notes to Financial Statements for
 details of municipal bonds transferred to tender option bond trusts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(m)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Represents the current yield as of report date.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(n)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Investments in companies considered to be an affiliate of
 the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of
 1940, were as follows:</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" STYLE="MARGIN-LEFT:5%">
<TR style="font-size:1px">
<TD WIDTH="65%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Affiliate</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Net<BR>
 Activity</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Income</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Merrill Lynch Institutional Tax-Exempt Fund</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,861,064</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>332,066</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(o)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Security may have a maturity of more than one year at time
 of issuance, but has variable rate and demand features that qualify it as a
 short-term security.<BR><BR></FONT></P>
</TD>
</TR>
<TR style="font-size:1px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Forward interest rate swaps outstanding as of August 31,
 2008 were as follows:</FONT></P>
</TD>
</TR>
</TABLE>



<TABLE ALIGN=CENTER BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" STYLE="MARGIN-LEFT:5%">
<TR style="font-size:1px">
<TD WIDTH="62%" VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER STYLE='MARGIN-LEFT:8.65PT;  TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Notional<BR>
 Amount<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Unrealized<BR>
 Depreciation</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Pay a fixed
 rate of 3.888% and receive a floating<BR>
 rate based on 1-week SIFMA Municipal Swap Index Rate</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Broker,
 JPMorgan Chase</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Expires
 October 2028</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(451,620</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Pay a fixed
 rate of 4.866% and receive a floating<BR>
 rate based on 3-month LIBOR</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Broker,
 Citibank NA</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Expires
 November 2028</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(140,513</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Pay a fixed
 rate of 4.043% and receive a floating<BR>
 rate based on 1-week SIFMA Municipal Swap Index Rate</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Broker,
 Citibank NA</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Expires
 September 2038</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(824,670</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,416,803</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD>
<P>&nbsp;</P>

</TD>
<TD>
<P>&nbsp;</P>

</TD>
<TD>
<P>&nbsp;</P>

</TD>
<TD>
<P>&nbsp;</P>

</TD>
<TD>
<P>&nbsp;</P>

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>


<TABLE ALIGN=CENTER BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>23</FONT></P>
 </TD>
 </TR>
</table>
<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="64%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="18%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="18%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Schedule of Investments</FONT>
<font size=2 COLOR="#1E5F95" FACE=ARIAL>August 31, 2008</FONT></P>
 </TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM nowrap>
<P align=right><FONT FACE="ARIAL" SIZE="2" COLOR="#1E5F95"><B>BlackRock Municipal Bond
Investment Trust (BIE)</B> </FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>(Percentages shown are based on Net Assets)</B> </FONT></P>
</TD>
</TR>
</table>
<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="67%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal Bonds</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par
 <BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font size=1 COLOR="#1E5F95" FACE=ARIAL><B>Florida&#151;135.6%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px" bgcolor=#E7ECF6>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Boynton Beach, Florida, M/F Housing
Mortgage Revenue <BR>
 Refunding Bonds (Clipper Cove Apartments),<BR>
 5.30%, 1/01/23 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><font size=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL> 914,340</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Brevard County, Florida, Health Facilities
 Authority,<BR>Healthcare Facilities Revenue Bonds (Health First Inc.
 Project), 5%, 4/01/36</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>880,540</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Broward County, Florida, School Board,
COP, Series A,<BR>
 5.25%, 7/01/33 (b)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>800</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>803,600</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Colonial Country Club Community Development District,<BR>
 Florida, Special Assessment Revenue Bonds,<BR>
 6.40%, 5/01/33</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,585</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,607,349</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Florida Municipal Loan Council, Revenue Refunding
Bonds,<BR>
 Series A, 5.125%, 5/01/32 (c)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>3,150</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>3,092,576</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Florida State Board of Education, Lottery Revenue
Bonds,<BR>
 Series B, 5%, 7/01/28</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>960</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>957,542</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Greater Orlando Aviation Authority, Florida, Airport
 Facilities <BR>
 Revenue Refunding Bonds,<BR>
 Series A, 5.125%, 10/01/32 (b)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>2,100</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>2,119,782</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Halifax Hospital Medical Center, Florida, Hospital Revenue
 <BR>
 Refunding and Improvement Bonds,<BR>
 Series A, 5.25%, 6/01/26</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>948,140</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Heritage Harbour North Community Development District,<BR>
 Florida, Capital Improvement Bonds, 6.375%, 5/01/38</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>750</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>660,473</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Highlands County, Florida, Health Facilities Authority,
<BR>
 Hospital Revenue Bonds (Adventist Health System):</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Series A, 6%, 11/15/11 (d)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>4,900</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>5,447,722</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Series C, 5.25%, 11/15/36</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>700</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>674,037</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Hillsborough County, Florida, Aviation Authority, Revenue
<BR>
 Refunding Bonds, Series D, 5.50%, 10/01/26 (e)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>525,665</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Hillsborough County, Florida, IDA, Hospital Revenue Bonds
<BR>
 (H. Lee Moffitt Cancer Center Project),<BR>
 Series A, 5.25%, 7/01/37</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>941,970</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Hillsborough County, Florida, IDA, PCR, Refunding (Tampa
<BR>
 Electric Company Project):</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>5.50%, 10/01/23</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,810</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,754,017</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Series A, 5.65%, 5/15/18</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>400</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>402,992</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Lakeland, Florida, Hospital System Revenue Bonds <BR>
 (Lakeland Regional Health System),<BR>
 5.50%, 11/15/12 (d)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>3,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>3,315,030</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Madison County, Florida, First Mortgage Revenue Bonds <BR>
 (Twin Oaks Project), Series A, 6%, 7/01/25</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>825</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>756,698</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Miami Beach, Florida, Health Facilities Authority,
 Hospital <BR>
 Revenue Refunding Bonds (Mount Sinai Medical Center <BR>
 of Florida), 6.75%, 11/15/21</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,527,135</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Miami-Dade County, Florida, School Board, COP,<BR>
 Refunding, Series B (e):</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>5.25%, 5/01/25</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>512,930</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>5.25%, 5/01/28</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,015,850</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>5.25%, 5/01/30</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>600</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>610,890</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>5.25%, 5/01/31</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,017,380</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Miami-Dade County, Florida, Special Obligation Revenue<BR>
 Bonds, Sub-Series B (c)(f):</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>5.95%, 10/01/30</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>10,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>2,964,200</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>5.80%, 10/01/32</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>5,410</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,425,914</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Miami-Dade County, Florida, Special Obligation Revenue <BR>
 Refunding Bonds, Series A, 5.89%, 10/01/26 (c)(f)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>5,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>2,061,840</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>New River Community Development District, Florida, Capital
 <BR>
 Improvement Revenue Bonds, Series B, 5%, 5/01/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>750</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>664,687</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="67%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal Bonds</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par
 <BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL COLOR="#1E5F95"><B>Florida (concluded)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px" bgcolor=#E7ECF6>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Orange County, Florida, Educational Facilities
Authority,<BR>
 Educational Facilities Revenue Bonds (Rollins College <BR>
 Project), 5.25%, 12/01/37 (g) </FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=bottom>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,004,280</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Orange County, Florida, Health Facilities Authority,
 Health <BR>
 Care Revenue Refunding Bonds (Orlando Lutheran Towers),<BR>
 5.375%, 7/01/20</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>340</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>304,827</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Orange County, Florida, Health Facilities Authority,
 Hospital <BR>
 Revenue Bonds (Orlando Regional Healthcare):</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>5.75%, 12/01/12 (d)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>5,572,300</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>5.70%, 7/01/26</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>305</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>269,736</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Orange County, Florida, Health Facilities Authority,
 Hospital <BR>
 Revenue Refunding Bonds (Orlando Regional Healthcare),<BR>
 Series B, 5.25%, 12/01/29 (b)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>600</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>611,832</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Orange County, Florida, Tourist Development, Senior Lien
 Tax <BR>
 Revenue Bonds, 5.125%, 4/01/12 (d)(g)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>3,350</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>3,639,172</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Orlando and Orange County, Florida, Expressway Authority
<BR>
 Revenue Bonds, Series A, 5%, 7/01/32 (b)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,000,990</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Osceola County, Florida, Tourist Development Tax Revenue
<BR>
 Bonds, Series A, 5%, 10/01/32 (c)(h)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>3,105</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>2,995,300</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Palm Bay, Florida, Utility System Improvement Revenue <BR>
 Bonds, 5.68%, 10/01/28 (f)(h)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>3,630</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,141,599</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Saint Johns County, Florida, Water and Sewer Revenue <BR>
 Bonds, CABS, 5.393%, 6/01/32 (f)(g)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,370</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>351,432</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>South Broward, Florida, Hospital District Revenue
Bonds,<BR>
 5.60%, 5/01/12 (d)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>2,220,260</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>South Miami Health Facilities Authority, Florida, Hospital
 <BR>
 Revenue Refunding Bonds (Baptist Health System <BR>
 Obligation Group), 5%, 8/15/32</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>944,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Stevens Plantation Improvement Project Dependent Special
<BR>
 District, Florida, Revenue Bonds, 6.375%, 5/01/13</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,560</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,527,568</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Sumter County, Florida, IDA, IDR (North Sumter Utility <BR>
 Company LLC), AMT, 6.80%, 10/01/32</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>2,700</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>2,702,565</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Suncoast Community Development District, Florida, Capital
<BR>
 Improvement Revenue Bonds, Series A, 5.875%, 5/01/34</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>740</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>712,901</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Tolomato Community Development District, Florida, Special
<BR>
 Assessment Bonds, 6.55%, 5/01/27</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>650</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>632,879</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Village Community Development District Number 5,
Florida,<BR>
 Special Assessment Bonds, Series A, 6.50%, 5/01/33</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,345</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,375,491</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Volusia County, Florida, Educational Facility
Authority,<BR>
 Educational Facilities Revenue Refunding Bonds <BR>
 (Embry-Riddle Aeronautical University Project) (i):</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>5.20%, 10/15/26</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,250</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,166,200</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>5.20%, 10/15/33</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,610</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,426,701</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>67,203,332</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font size=1 COLOR="#1E5F95" FACE=ARIAL><B>Multi-State&#151;6.9%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px" bgcolor=#E7ECF6>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Charter Mac Equity Issuer Trust, 7.20%, 10/31/52
(j)(k)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>3,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>3,393,060</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font size=1 COLOR="#1E5F95" FACE=ARIAL><B>Puerto Rico&#151;2.3%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px" bgcolor=#E7ECF6>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Puerto Rico Commonwealth Aqueduct and Sewer Authority,<BR>
 Senior Lien Revenue Bonds, Series A, 6%, 7/01/44</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,100</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,151,481</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL><B>Total Municipal Bonds&#151;144.8%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>71,747,873</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="25%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>24</FONT></P>

 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="64%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="18%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="18%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Schedule of Investments (concluded)</FONT></P>
 </TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM nowrap>
<P align=right><FONT FACE="ARIAL" SIZE="2" COLOR="#1E5F95"><B>BlackRock Municipal Bond
Investment Trust (BIE)</B> </FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>(Percentages shown are based on Net Assets)</B> </FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="67%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal Bonds Transferred to<BR>
 Tender Option Bond Trusts (l)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par
 <BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font size=1 COLOR="#1E5F95" FACE=ARIAL><B>Florida&#151;10.9%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px" bgcolor=#E7ECF6>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Jacksonville Electric Authority, Florida, Saint John&#146;s
 River <BR>
 Power Park System Revenue Bonds, Issue Three,<BR>
 Series 2, 5%, 10/01/37</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>510</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>512,114</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Jacksonville, Florida, Economic Development Commission,<BR>
 Health Care Facilities Revenue Bonds <BR>
 (Mayo Clinic-Jacksonville), Series B, 5.50%, 11/15/36</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>3,507</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>3,506,496</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>Jacksonville, Florida, Health Facilities Authority,
 Hospital <BR>
 Revenue Bonds (Baptist Medical Center Project),<BR>

 5%, 8/15/37 (b)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,380</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>1,359,203</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><font size=1 FACE=ARIAL><B>Total Municipal Bonds Transferred to <BR>
 Tender Option Bond Trusts&#151;10.9%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>5,377,813</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL><B>Total Long-Term Investments
 (Cost&#151;$75,149,151)&#151;155.7%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>77,125,686</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
 <TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Short-Term Securities</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Shares</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL>CMA Florida Municipal Money Fund, 1.28% (m)(n)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>2,268,187</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>2,268,187</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL><B>Total Short-Term Securities
 (Cost&#151;$2,268,187)&#151;4.6%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>2,268,187</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL><B>Total Investments
 (Cost&#151;$77,417,338*)&#151;160.3%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>79,393,873</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL><B>Liabilities in Excess of Other
 Assets&#151;(0.1)%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>(66,536</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>)</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL><B>Liability for Trust Certificates,
 Including Interest Expense and Fees Payable&#151;(7.3)%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>(3,610,766</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL><B>Preferred Shares, at Redemption
 Value&#151;(52.9)%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>(26,184,939</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font size=1 FACE=ARIAL><B>Net Assets Applicable to Common
 Shares&#151;100.0%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>49,531,632</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR style="font-size:9px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
</TABLE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>*</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>The cost and unrealized
 appreciation (depreciation) of investments as of August 31, 2008 as computed
 for federal income tax purposes, were as follows:</FONT></P>
</TD>
</TR>
<TR style="font-size:9px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
</TABLE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="61%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><font size=1 FACE=ARIAL>Aggregate cost</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><font size=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>73,618,802</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>Gross unrealized appreciation</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>3,426,306</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><font size=1 FACE=ARIAL>Gross unrealized depreciation</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>(1,247,596</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><font size=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>Net unrealized appreciation</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>2,178,710</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>(a)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>ACA Insured. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>(b)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>FSA Insured. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>(c)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>MBIA Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>(d)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>U.S. government securities, held
 in escrow, are used to pay interest on this security as well as to retire the
 bond in full at the date indicated, typically at a premium to par.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>(e)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>Assured Guaranty Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>(f)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>Represents a zero-coupon bond.
 Rate shown reflects the effective yield at the time of purchase.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>(g)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>AMBAC Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>(h)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>FGIC Insured. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>(i)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>Radian Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>(j)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>Security exempt from registration
 under Rule 144A of the Securities Act of 1933.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>These securities may be resold in
 transactions exempt from registration to qualified institutional investors.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>(k)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>Security represents a beneficial
 interest in a trust. The collateral deposited into the trust is federally
 tax-exempt revenue bonds issued by various state or local governments, or
 their respective agencies or authorities. The security is subject to
 remarketing prior to its stated maturity, and is subject to mandatory
 redemption at maturity.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>(l)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>Securities represent bonds
 transferred to a tender option bond trust in exchange for which the Trust
 acquired residual interest certificates. These securities serve as collateral
 in a financing transaction. See Note 1 of the Notes to Financial Statements
 for details of municipal bonds transferred to tender option bond trusts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>(m)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>Represents the current yield as
 of report date.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>(n)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>Investments in companies
 considered to be an affiliate of the Trust, for purposes of Section 2(a)(3)
 of the Investment Company Act of 1940, were as follows:</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" Style="margin-left:5%">
<TR style="font-size:1px">
<TD WIDTH="62%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Affiliate</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Net
 Activity</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Income</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>CMA Florida Municipal Money Fund</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>748,233</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>48,106</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="25%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT  SIZE=1 FACE=ARIAL>25</FONT></P>
 </TD>
 </TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="64%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="18%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="18%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Schedule of Investments</FONT>
<font size=2 COLOR="#1E5F95" FACE=ARIAL>August 31, 2008</FONT></P>
 </TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM nowrap>
<P align=right><FONT FACE="ARIAL" SIZE="2" COLOR="#1E5F95"><B>BlackRock Municipal Bond  Trust (BBK)</B> </FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>(Percentages shown are based on Net Assets)</B> </FONT></P>
</TD>
</TR>
</table>


<BR>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal Bonds</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Alabama&#151;5.7%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EBF7">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EBF7">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EBF7">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EBF7">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EBF7">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Huntsville,
 Alabama, Health Care Authority Revenue<BR>
 Bonds, Series A, 5.75%, 6/01/11 (a)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,204,325</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Arizona&#151;7.5%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Glendale,
 Arizona, Municipal Property Corporation,<BR>
 Excise Tax Revenue Refunding Bonds, Series A,<BR>
 4.50%, 7/01/32 (b)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,655</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,430,949</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Goodyear,
 Arizona, GO, 4.25%, 7/01/37 (b)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,250</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,111,050</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>McAllister
 Academic Village, LLC, Arizona, Revenue<BR>
 Refunding Bonds (Arizona State University&#151;Hassayampa<BR>
 Academic Village Project), 5%, 7/01/38</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,876,300</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Salt Verde
 Financial Corporation, Arizona, Senior Gas<BR>
 Revenue Bonds:</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5%,
 12/01/32</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,270,575</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5%,
 12/01/37</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,565</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,127,591</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>San Luis,
 Arizona, Facilities Development Corporation,<BR>
 Senior Lien Revenue Bonds (Regional Detention<BR>
 Center Project):</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>6.25%,
 5/01/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>300</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>280,137</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>7%, 5/01/20</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>300</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>271,440</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>7.25%,
 5/01/27</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>600</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>533,016</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,901,058</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>California&#151;9.2%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>California
 County Tobacco Securitization Agency, Tobacco<BR>
 Revenue Bonds (Stanislaus County Tobacco Funding<BR>
 Corporation), Sub-Series C, 6.30%, 6/01/55 (c)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>89,775</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>California
 HFA, Home Mortgage Revenue Bonds, AMT,<BR>
 Series G, 5.05%, 2/01/29</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,835</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,572,875</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>California
 State Department of Veteran Affairs,<BR>
 Home Purchase Revenue Bonds, AMT,<BR>
 Series B, 5.25%, 12/01/37</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,460,200</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Los Angeles
 County, California, Metropolitan Transportation<BR>
 Authority, Sales Tax Revenue Refunding Bonds,<BR>
 Proposition C, VRDN, Second Senior Series A,<BR>
 7.50%, 7/01/20 (d)(e)(s)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>University
 of California Revenue Bonds,<BR>
 Series B, 4.75%, 5/15/38</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,660</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,577,487</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Val Verde,
 California, Unified School District Financing<BR>
 Authority, Special Tax Refunding Bonds, Junior Lien,<BR>
 6.25%, 10/01/28</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,585</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,589,375</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13,289,712</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Colorado&#151;0.4%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Colorado
 Springs, Colorado, Utilities System Improvement<BR>
 Revenue Bonds, Subordinate Lien,<BR>
 Series C, 5%, 11/15/45 (b)(f)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>635</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>632,821</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Connecticut&#151;0.7%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Connecticut
 State Health and Educational Facilities Authority<BR>
 Revenue Bonds (Quinnipiac University),<BR>
 Series J, 5%, 7/01/37 (e)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>976,060</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>District of
Columbia&#151;12.8%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>District of
 Columbia Revenue Bonds (Georgetown University),<BR>
 Series A, 6.071%, 4/01/11 (a)(c)(e)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>33,450</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,283,248</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>District of
 Columbia Revenue Refunding Bonds<BR>
 (Friendship Public Charter School, Inc.),<BR>
 5.25%, 6/01/33 (g)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>595</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>495,100</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>District of
 Columbia Tax Increment Revenue Bonds<BR>
 (Gallery Place Project), 5.40%, 7/01/31 (b)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,124,020</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>District of
 Columbia Tobacco Settlement Financing<BR>
 Corporation, Asset-Backed Revenue Refunding Bonds,<BR>
 6.75%, 5/15/40</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,580</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,535,974</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>18,438,342</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Municipal Bonds</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Florida&#151;19.3%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Halifax
 Hospital Medical Center, Florida, Hospital Revenue<BR>
 Refunding Bonds, Series A, 5%, 6/01/38</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,535</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,324,981</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Martin
 County, Florida, IDA, IDR, Refunding (Indiantown<BR>
 Cogeneration Project), AMT, Series A,<BR>
 7.875%, 12/15/25</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,005,700</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Miami
 Beach, Florida, Health Facilities Authority, Hospital<BR>
 Revenue Refunding Bonds (Mount Sinai Medical<BR>
 Center of Florida), 6.75%, 11/15/21</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,810</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,860,833</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Orange
 County, Florida, Health Facilities Authority, Hospital<BR>
 Revenue Bonds (Adventist Health System),<BR>
 5.625%, 11/15/12 (a)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11,175,000</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Orange
 County, Florida, Tourist Development, Tax Revenue<BR>
 Refunding Bonds, 4.75%, 10/01/32 (h)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,845</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,746,145</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Palm Beach
 County, Florida, HFA, M/F Housing Revenue<BR>
 Bonds (Indian Trace Apartment Project), AMT,<BR>
 Series A, 5.625%, 1/01/44 (b)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,255</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,688,312</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Stevens
 Plantation Community Development District, Florida,<BR>
 Special Assessment Revenue Bonds,<BR>
 Series A, 7.10%, 5/01/35</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>970</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>972,105</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>27,773,076</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Georgia&#151;4.7%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Atlanta,
 Georgia, Airport Passenger Facility Charge and<BR>
 Subordinate Lien General Revenue Bonds,<BR>
 Series J, 5%, 1/01/34 (b)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>940</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>930,608</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Atlanta,
 Georgia, Water and Wastewater Revenue Bonds,<BR>
 5%, 11/01/37 (b)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,954,150</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Main Street
 Natural Gas, Inc., Georgia, Gas Project Revenue<BR>
 Bonds, Series A, 6.375%, 7/15/38</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>908,200</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,792,958</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Illinois&#151;9.9%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Bolingbrook,
 Illinois, GO, Refunding, Series B,<BR>
 6.196%, 1/01/36 (c)(i)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>23,065</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,328,839</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Centerpoint
 Intermodal Center Program Trust, Illinois,<BR>
 Tax Allocation Bonds, Class A, 8%, 6/15/23 (j)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,150</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,056,022</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Chicago,
 Illinois, GO, Refunding, Series A, 5.50%, 1/01/38 (e)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,540</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,587,801</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Illinois
 Health Facilities Authority, Revenue Refunding<BR>
 Bonds (Lake Forest Hospital), Series A, 5.75%, 7/01/29</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,094,260</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Illinois
 State Finance Authority Revenue Bonds, Series A:</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Friendship
 Village of Schaumburg),</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#e6e6e6">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.625%,
 2/15/37</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>420</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>331,363</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP >
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Monarch
 Landing, Inc. Project), 7%, 12/01/37</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>720</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>694,771</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#e6e6e6">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Illinois
 State Finance Authority, Student Housing Revenue</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Bonds (MJH
 Education Assistance IV LLC),</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#e6e6e6">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Sub-Series
 B, 5.375%, 6/01/35</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>425</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>125,520</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14,218,576</FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;


</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Indiana&#151;1.3%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>AIG
 SunAmerica, Inc., Bloomington, Indiana, M/F Housing<BR>
 Revenue Bonds (Canterbury House Apartments),<BR>
 Pass-Through Certificates of Beneficial Ownership,<BR>
 AMT, Series 1, 5.90%, 12/01/34</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,910</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,920,448</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Kansas&#151;3.4%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Wichita,
 Kansas, Airport Authority, Airport Facilities Revenue<BR>
 Bonds (Cessna Citation Service Center), AMT,<BR>
 Series A, 6.25%, 6/15/32</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,860,850</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Kentucky&#151;1.6%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Kentucky
 Economic Development Financing Authority,<BR>
 Louisville Arena Project Revenue Bonds (Louisville Arena<BR>
 Authority, Inc.), Sub-Series A-1, 6%, 12/01/38 (k)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>509,180</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="25%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>26</FONT></P>

 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="64%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="18%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="18%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Schedule of Investments</FONT>
<font size=4 COLOR="#1E5F95" FACE=ARIAL>(continued)</FONT></P>
 </TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM nowrap>
<P align=right><FONT FACE="ARIAL" SIZE="2" COLOR="#1E5F95"><B>BlackRock Municipal Bond  Trust (BBK)</B> </FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>(Percentages shown are based on Net Assets)</B> </FONT></P>
</TD>
</TR>
</table>
<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal Bonds</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Kentucky (concluded)</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Louisville
 and Jefferson County, Kentucky, Metropolitan<BR>
 Government Health Facilities, Revenue Refunding Bonds<BR>
 (Jewish Hospital and Saint Mary&#146;s HealthCare),<BR>
 6.125%, 2/01/37</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,750</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,774,255</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,283,435</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Maryland&#151;3.6%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Frederick
 County, Maryland, Special Obligation Tax Bonds<BR>
 (Urbana Community Development Authority),<BR>
 Series B, 6.25%, 7/01/30</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,903</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,697,526</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Maryland
 State Community Development Administration,<BR>
 Department of Housing and Community Development,<BR>
 Residential Revenue Refunding Bonds, AMT,<BR>
 Series L, 4.95%, 9/01/38</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,645</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,412,052</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Maryland
 State Health and Higher Educational Facilities<BR>
 Authority, Revenue Refunding Bonds (MedStar Health, Inc.),<BR>
 5.50%, 8/15/33</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,040</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,021,144</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,130,722</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Michigan&#151;0.7%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Michigan
 State Hospital Finance Authority, Revenue<BR>
 Refunding Bonds (Henry Ford Health System), Series A,<BR>
 5.25%, 11/15/46</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,065</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>971,940</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Missouri&#151;2.1%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Missouri
 State Health and Educational Facilities Authority,<BR>
 Health Facilities Revenue Bonds (Saint Luke&#146;s Health<BR>
 System), Series A, 5.50%, 11/15/35 (b)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,053,700</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt" >
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Nebraska&#151;1.2%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Omaha
 Public Power District, Nebraska, Electric System<BR>
 Revenue Bonds, Series A, 4.75%, 2/01/44</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,760</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,670,469</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Nevada&#151;1.8%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>

<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Clark
 County, Nevada, EDR, Refunding (Alexander Dawson<BR>
 School of Nevada Project), 5%, 5/15/29</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,325</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,288,258</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Las Vegas,
 Nevada, Special Improvement District Number 809<BR>
 Revenue Bonds (Summerlin Area), 5.65%, 6/01/23</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,370</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,241,097</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,529,355</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>New Jersey&#151;11.9%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Middlesex
 County, New Jersey, Improvement Authority,<BR>
 Subordinate Revenue Bonds (Heldrich Center Hotel/<BR>
 Conference Project), Series B, 6.25%, 1/01/37</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>915</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>767,109</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New Jersey
 EDA, Cigarette Tax Revenue Bonds:</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.50%,
 6/15/24</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,710</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,525,613</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.50%,
 6/15/31 (l)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,456,260</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New Jersey
 EDA, EDR, Refunding (Kapkowski Road Landfill<BR>
 Reclamation Improvement District Project),<BR>
 6.50%, 4/01/28</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,574,175</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New Jersey
 EDA, First Mortgage Revenue Refunding Bonds<BR>
 (The Winchester Gardens at Ward Homestead Project),<BR>
 Series A, 5.80%, 11/01/31</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,407,345</FONT></P>

</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New Jersey
 EDA, Special Facility Revenue Bonds (Continental<BR>
 Airlines Inc. Project), AMT, 7.20%, 11/15/30</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,484,330</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>17,214,832</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>New York&#151;5.9%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Albany, New
 York, IDA, Civic Facility, Revenue Bonds<BR>
 (New Covenant Charter School Project),<BR>
 Series A, 7%, 5/01/35</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>455</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>344,971</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Hudson
 Yards Infrastructure Corporation, New York,<BR>
 Revenue Bonds, Series A, 5%, 2/15/47 (i)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>964,120</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Metropolitan
 Transportation Authority, New York, Service<BR>
 Contract Revenue Refunding Bonds, Series A,<BR>
 5%, 7/01/30 (m)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,760</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,770,261</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Municipal Bonds</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>New York (concluded)</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, City IDA, Special Facility Revenue<BR>
 Bonds (Continental Airlines Inc. Project), AMT,<BR>
 7.75%, 8/01/31 </FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN="RIGHT"><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,165</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,825,301</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 Liberty Development Corporation, Revenue Bonds<BR>
 (Goldman Sachs Headquarters), 5.25%, 10/01/35</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,610</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,632,524</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,537,177</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>North Carolina&#151;4.2%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Gaston
 County, North Carolina, Industrial Facilities and<BR>
 Pollution Control Financing Authority, Revenue Bonds<BR>
 (National Gypsum Company Project), AMT,<BR>
 5.75%, 8/01/35</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,945</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,293,802</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>North
 Carolina State Educational Assistance Authority,<BR>
 Revenue Refunding Bonds (Guaranteed Student Loan),<BR>
 VRDN, AMT, Series A-1, 10%, 9/01/35 (d)(m)(s)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,825</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,825,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,118,802</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Ohio&#151;0.7%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Buckeye
 Tobacco Settlement Financing Authority, Ohio,<BR>
 Tobacco Settlement Asset-Backed Bonds,<BR>
 Series A-2, 6.50%, 6/01/47</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,125</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000,586</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Oklahoma&#151;2.0%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>

</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Oklahoma
 State Development Finance Authority, Revenue<BR>
 Refunding Bonds (Saint John Health System),<BR>
 5%, 2/15/42</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,355</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,247,969</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Tulsa,
 Oklahoma, Municipal Airport Trust, Revenue Refunding<BR>
 Bonds, Series A, 7.75%, 6/01/35</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,725</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,631,022</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,878,991</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Oregon&#151;0.4%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>AIG
 SunAmerica, Inc., Portland, Oregon, M/F Housing<BR>
 Revenue Bonds (Pacific Tower Apartments), Pass-Through<BR>
 Certificates of Beneficial Ownership, AMT, Series 6,<BR>
 6.05%, 11/01/34</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>540</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>526,792</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Pennsylvania&#151;2.7%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Pennsylvania
 Economic Development Financing Authority,<BR>
 Exempt Facilities Revenue Bonds (Reliant Energy),<BR>
 AMT, Series A, 6.75%, 12/01/36</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,870</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,876,735</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>South Carolina&#151;0.8%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>South
 Carolina Jobs EDA, Hospital Facilities Revenue<BR>
 Refunding Bonds (Palmetto Health Alliance),<BR>
 Series C 7%, 8/01/13 (a)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,181,609</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Tennessee&#151;1.0%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Jackson,
 Tennessee, Hospital Revenue Refunding Bonds<BR>
 (Jackson-Madison County General Hospital Project),<BR>
 5.625%, 4/01/38</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,465,065</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Texas&#151;20.5%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>AIG
 SunAmerica, Inc., Texas, M/F Housing Revenue Bonds<BR>
 (Copperwood Ranch Apartments), Pass-Through<BR>
 Certificates of Beneficial Ownership, AMT,<BR>
 Series 9, 5.95%, 11/01/35</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,520</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,534,011</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dallas-Fort
 Worth, Texas, International Airport, Joint Revenue<BR>
 Bonds, AMT, Series C, 6.25%, 11/01/28 (e)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>450</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>452,709</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Harris
 County-Houston Sports Authority, Texas, Revenue<BR>
 Refunding Bonds, Senior Lien,<BR>
 Series G, 6.121%, 11/15/41 (c)(e)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11,690</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,493,281</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Lower
 Colorado River Authority, Texas, Revenue Refunding<BR>
 Bonds, 5%, 5/15/13 (a)(e)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16,430</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Montgomery
 County, Texas, Municipal Utility District<BR>
 Number 46, Waterworks and Sewer System, GO,<BR>
 4.75%, 3/01/30 (e)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>430</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>417,586</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="25%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT  SIZE=1 FACE=ARIAL>27</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="64%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="18%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="18%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Schedule of Investments</FONT> <font size=4 COLOR="#1E5F95" FACE=ARIAL>(concluded)</FONT></P>
 </TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM nowrap>
<P align=right><FONT FACE="ARIAL" SIZE="2" COLOR="#1E5F95"><B>BlackRock Municipal Bond  Trust (BBK)</B> </FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>(Percentages shown are based on Net Assets)</B> </FONT></P>
</TD>
</TR>
</table>
<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal Bonds</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Texas (concluded)</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>San Antonio
 Energy Acquisition Public Facilities Corporation,<BR>
 Texas, Gas Supply Revenue Bonds:</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.50%,
 8/01/23</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,775</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,711,917</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.50%,
 8/01/24</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,620</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,550,372</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Texas State
 Turnpike Authority, Central Texas Turnpike System<BR>
 Revenue Bonds (m):</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>6.09%,
 8/15/35 (c)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>60,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11,627,400</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>First Tier,
 Series A, 5%, 8/15/42</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,115</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,045,543</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Tyler,
 Texas, Health Facilities Development Corporation,<BR>
 Hospital Revenue Bonds (Mother Frances Hospital Regional<BR>
 Health Care Center), 6%, 7/01/12 (a)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,840</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,646,983</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>29,496,232</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Washington&#151;0.8%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Washington
 State Health Care Facilities Authority,<BR>
 Revenue Refunding Bonds (Providence Health System),<BR>
 Series A, 4.625%, 10/01/34 (i)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,325</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,199,814</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>West Virginia&#151;0.4%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>West
 Virginia EDA, Lease Revenue Bonds (Correctional, Juvenile<BR>
 and Public Safety Facilities), Series A, 5%, 6/01/29 (e)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>520</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>520,473</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Wisconsin&#151;0.9%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Wisconsin
 State Health and Educational Facilities Authority<BR>
 Revenue Bonds (Aurora Health Care, Inc.), 6.40%, 4/15/33</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,350</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,376,487</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Multi State&#151;8.2%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Charter Mac
 Equity Issuer Trust, 7.20%, 10/31/52 (j)(n)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11,875,710</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Puerto Rico&#151;2.3%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Puerto Rico
 Commonwealth Aqueduct and Sewer Authority,<BR>
 Senior Lien Revenue Bonds, Series A, 6%, 7/01/38</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,255,223</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Puerto Rico
 Commonwealth Highway and Transportation<BR>
 Authority, Transportation Revenue Refunding Bonds,<BR>
 Series N (k):</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.25%,
 7/01/34</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,070</FONT></P>

</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,100,623</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.25%,
 7/01/36</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>900</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>929,430</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,285,276</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Municipal Bonds&#151;148.6%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>214,202,428</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
 <TR>
 <TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal Bonds Transferred to<BR>
 Tender Option Bond Trusts (o)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>California&#151;1.7%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Sacramento
 County, California, Airport System Revenue Bonds,<BR>
 AMT, Senior Series B, 5.25%, 7/01/39 (b)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,504</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,358,472</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Colorado&#151;3.3%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Colorado
 Health Facilities Authority, Revenue Bonds<BR>
 (Catholic Health), Series C-7, 5%, 9/01/36 (b)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,749</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,699,150</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Colorado
 Health Facilities Authority, Revenue Refunding<BR>
 Bonds (Poudre Valley Health Care), Series B,<BR>
 5.25%, 3/01/36 (b)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,079</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,069,806</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,768,956</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Massachusetts&#151;1.0%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Massachusetts
 State Water Resource Authority, General<BR>
 Revenue Refunding Bonds, Series A, 5%, 8/01/41</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,455</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,454,457</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>New York&#151;0.7%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Port
 Authority of New York and New Jersey, Consolidated<BR>
 Revenue Refunding Bonds, AMT, 152nd Series,<BR>
 5.75%, 11/01/30</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,005</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,051,964</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Ohio&#151;3.6%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Montgomery
 County, Ohio, Revenue Bonds (Catholic Health<BR>
 Initiatives), Series C-1, 5%, 10/01/41 (b)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,259</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,231,398</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal Bonds Transferred to<BR>
 Tender Option Bond Trusts (o)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Ohio (concluded)</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Ohio State
 Air Quality Development Authority, Revenue<BR>
 Refunding Bonds (Dayton Power and Light Company Project),<BR>
 Series B, 4.80%, 1/01/34 (i)(p)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,999</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,884,920</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,116,318</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP BGCOLOR="#E7EBF7">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Washington&#151;0.6%</B></FONT></P>
</TD>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>King
 County, Washington, Sewer Revenue Refunding Bonds,<BR>
 5%, 1/01/36 (b)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>900</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>904,458</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL><B>Total Municipal Bonds Transferred to<BR>
 Tender Option Bond Trusts&#151;10.9%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15,654,625</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Long-Term Investments
(Cost&#151;$230,649,932)&#151;159.5%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>229,857,053</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
 <TR>
 <TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Short-Term Securities</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Shares</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Merrill
 Lynch Institutional Tax-Exempt Fund, 1.84% (q)(r)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,900,427</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,900,427</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Short-Term Securities
(Cost&#151;$1,900,427)&#151;1.3%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,900,427</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Investments
(Cost&#151;$232,550,359*)&#151;160.8%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>231,757,480</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Other Assets Less Liabilities&#151;2.0%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,893,526</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL><B>Liability for Trust Certificates,
 Including Interest<BR>
 Expense and Fees Payable&#151;(6.9)%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(10,004,401</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Preferred Shares, at Redemption
Value&#151;(55.9)%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(80,530,507</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Net Assets Applicable to Common
Shares&#151;100.0%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>144,116,098</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>*</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>The cost and unrealized appreciation (depreciation) of
 investments as of August 31, 2008, as computed for federal income tax
 purposes, were as follows:</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" style="margin-left:5%">
<TR style="font-size:1px">
<TD WIDTH="82%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>Aggregate cost</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>222,020,478</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Gross unrealized appreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,413,001</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>Gross unrealized depreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(7,641,453</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Net unrealized depreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(228,452</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;
</TD>
</TR>
</table>



<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(a)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>U.S. government securities, held in escrow, are used to
 pay interest on this security as well as to retire the bond in full at the
 date indicated, typically at a premium to par.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(b)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>FSA Insured.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(c)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Represents a zero-coupon bond. Rate shown reflects the
 effective yield at the time of purchase. </FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(d)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Variable rate security. Rate shown is as of report date.
 Maturity shown is the final maturity date. </FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(e)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>MBIA Insured.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(f)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>All or a portion of the security has been pledged as
 collateral in connection with swaps. </FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(g)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>ACA Insured.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(h)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>XL Capital Insured. </FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(i)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>FGIC Insured.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(j)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Security exempt from registration under Rule 144A of the
 Securities Act of 1933. These securities may be resold in transactions exempt
 from registration to qualified institutional investors. </FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(k)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Assured Guaranty Insured.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(l)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Radian Insured. </FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(m)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>AMBAC Insured.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(n)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Securities represent a beneficial interest in a trust. The
 collateral deposited into the trust is federally tax-exempt revenue bonds
 issued by various state or local governments, or their respective agencies or
 authorities. The security is subject to remarketing prior to its stated
 maturity, and is subject to mandatory redemption at maturity.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(o)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Securities represent bonds transferred to a tender option
 trust in exchange for which the Trust acquired residual interest certificates.
 These securities serve as collateral in a financing transaction. See Note 1
 of the Notes to Financial Statements for details of municipal bonds
 transferred to tender option bond trusts.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(p)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>BHAC Insured.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(q)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Represents the current yield as of report date.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(r)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Investments in companies considered to be an affiliate of
 the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of
 1940, were as follows:</FONT></P>
</TD>
</TR>
</table>

<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" Style="margin-left:5%">
<TR style="font-size:1px">
<TD WIDTH="64%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Affiliate</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Net<BR>
 Activity</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Income</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Merrill Lynch Institutional Tax-Exempt Fund</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>(5,699,573)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>132,736</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>
<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(s)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Security may have a maturity of more than one year at time
 of issuance, but has variable rate and demand features that qualify it as a
 short-term security.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><font size=1>&nbsp;</font></P>
</TD>
</tr>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>

<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Forward interest rate swaps outstanding as of August 31,
 2008 were as follows:</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>

<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Notional<BR>
 Amount<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Unrealized<BR>
 Depreciation</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Pay a fixed
 rate of 3.6% and receive a floating rate based on 1-week SIFMA Municipal Swap
 Index Rate</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Broker,
 JPMorgan Chase</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Expires
 October 2018</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD colspan=2 VALIGN=BOTTOM>
<P ALIGN="CENTER"><FONT SIZE=1  FACE=ARIAL>$&nbsp;&nbsp;30,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD colspan=2 VALIGN=BOTTOM>
<P ALIGN="CENTER"><FONT SIZE=1  FACE=ARIAL>$&nbsp;&nbsp;(658,710)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="25%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>28</FONT></P>

 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="55%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="18%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="28%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM NOWRAP>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Schedule of Investments</FONT><FONT  size=2 COLOR="#1E5F95" FACE=ARIAL>
August 31, 2008</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=Middle NOWRAP>
<p ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="2" COLOR="#1E5F95"><B>BlackRock Municipal Income Trust II (BLE)</B></FONT></p>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN="RIGHT"><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>(Percentages shown are based on Net Assets)</B></FONT></p>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal
 Bonds</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Arizona&#151;4.3%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>

<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Pima County, Arizona, IDA, Education Revenue Bonds<BR>
 (American Charter Schools Foundation),<BR>
 Series A, 5.625%, 7/01/38</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,525</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,232,252</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Salt Verde Financial Corporation, Arizona, Senior Gas<BR>
 Revenue Bonds:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5%, 12/01/32</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,635</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,773,127</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5%, 12/01/37</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,890</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,544,518</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13,549,897</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>California&#151;9.9%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Agua Caliente Band of Cahuilla Indians, California, Casino
<BR>
 Revenue Bonds, 6%, 7/01/18</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,250</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,267,595</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>California County Tobacco Securitization Agency, Tobacco
<BR>
 Revenue Bonds (Stanislaus County Tobacco Funding<BR>
 Corporation), Sub-Series C, 6.30%, 6/01/55 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,710</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>193,715</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>California Health Facilities Financing Authority Revenue
 Bonds<BR>
 (Sutter Health), Series A, 5.25%, 11/15/46</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,909,850</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>California Mobile Home Park Finance Authority Revenue<BR>
 Bonds (Palomar Estates East and West),<BR>
 Series A, 5.25%, 3/15/34 (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,040,135</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>California State,
 GO, Refunding:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5%, 6/01/32</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,944,800</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5%, 6/01/34</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,700</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,654,856</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>California Statewide Communities Development Authority,<BR>
 Health Facility Revenue Bonds (Memorial Health<BR>
 Services), Series A, 5.50%, 10/01/33 (c)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,974,800</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>San Francisco, California, City and County Redevelopment
<BR>
 Agency, Community Facilities District Number 1, Special<BR>
 Tax Bonds (Mission Bay South Public Improvements<BR>
 Project), 6.625%, 8/01/27</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,620</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,685,234</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>University of California Revenue Bonds, Series B,<BR>
 4.75%, 5/15/38</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,755</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,576,480</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>31,247,465</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Colorado&#151;5.8%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Colorado Health Facilities Authority, Revenue Bonds
 (Catholic<BR>
 Health Initiatives), Series A, 5.50%, 3/01/32 (d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,522,800</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Colorado Health Facilities Authority, Revenue Refunding
<BR>
 Bonds (Poudre Valley Health Care), 5.20%, 3/01/31 (e)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>790</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>792,797</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Colorado Springs, Colorado, Utilities System Improvement
<BR>
 Revenue Bonds, Subordinate Lien,<BR>
 Series C, 5%, 11/15/45 (e)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,375</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,370,284</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Northwest Parkway Public Highway Authority, Colorado,<BR>
 Senior Revenue Bonds, Series A, 5.25%, 6/15/11 (e)(f)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,335,600</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Park Creek Metropolitan District, Colorado, Senior Limited
<BR>
 Tax Supported Revenue Refunding Bonds,<BR>
 5.50%, 12/01/37</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,375</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,262,924</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>18,284,405</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>District of Columbia&#151;6.2%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>District of Columbia Tobacco Settlement Financing<BR>
 Corporation, Asset-Backed Revenue Refunding Bonds:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>6.50%, 5/15/33</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,118,325</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>6.75%, 5/15/40</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11,409,265</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>District of Columbia, Revenue Refunding Bonds<BR>
 (Friendship Public Charter School, Inc.),<BR>
 5.25%, 6/01/33 (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,265</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,052,607</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,580,197</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Florida&#151;15.3%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Leesburg, Florida, Hospital Revenue Bonds (Leesburg<BR>
 Regional Medical Center Project), 5.50%, 7/01/32</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,650</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,529,690</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal
 Bonds</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Florida (concluded)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Live Oak Community Development District Number 001,<BR>
 Florida, Special Assessment Bonds, Series A, 6.30%,<BR>
 5/01/34</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,125</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,145,344</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Miami Beach, Florida, Health Facilities Authority,
 Hospital<BR>
 Revenue Refunding Bonds (Mount Sinai Medical Center<BR>
 of Florida), 6.75%, 11/15/21</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,230</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,342,701</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>

<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Miami-Dade County, Florida, Aviation Revenue Refunding<BR>
 Bonds (Miami International Airport), AMT, Series A, 5.25%,<BR>
 10/01/38 (g)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,855</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,686,612</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Orange County, Florida, Health Facilities Authority,
 Hospital<BR>
 Revenue Bonds (Adventist Health System),<BR>
 5.625%, 11/15/12 (f)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,850</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,654,875</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Orange County, Florida, Tourist Development, Tax Revenue
<BR>
 Refunding Bonds, 4.75%, 10/01/32 (h)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,990</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,776,216</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Pinellas County, Florida, Health Facilities Authority<BR>
 Revenue Bonds (BayCare Health System Inc.),<BR>
 5.50%, 5/15/13 (f)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15,614,900</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Stevens Plantation Community Development District,<BR>
 Florida, Special Assessment Revenue Bonds,<BR>
 Series A, 7.10%, 5/01/35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,015</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,019,373</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Sumter County, Florida, IDA, IDR (North Sumter Utility<BR>
 Company LLC), AMT, 6.90%, 10/01/34</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,465</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,490,093</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>48,259,804</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Georgia&#151;3.3%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Main Street Natural Gas, Inc., Georgia, Gas Project<BR>
 Revenue Bonds, Series A, 6.375%, 7/15/38</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,270</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,153,414</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Milledgeville-Baldwin County, Georgia, Development<BR>
 Authority Revenue Bonds (Georgia College and State<BR>
 University Foundation), 5.625%, 9/01/14 (f)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,715,550</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Private Colleges and Universities Authority, Georgia,<BR>
 Revenue Refunding Bonds (Emory University Project),<BR>
 Series C, 5%, 9/01/38</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,575</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,611,465</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,480,429</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Illinois&#151;10.3%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Centerpoint Intermodal Center Program Trust, Illinois, Tax
<BR>
 Allocation Bonds, Class A, 8%, 6/15/23 (i)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,470</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,268,152</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Illinois Health Facilities Authority, Revenue Refunding
<BR>
 Bonds (Elmhurst Memorial Healthcare), 5.50%, 1/01/22</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,836,640</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Illinois Municipal Electric Agency, Power Supply<BR>
 Revenue Bonds, 4.50%, 2/01/35 (j)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,340</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,849,189</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Illinois Sports Facilities Authority, State Tax Supported
<BR>
 Revenue Bonds, 5.546%, 6/15/30 (k)(l)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13,955,550</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Illinois State
 Finance Authority, Revenue Bonds, Series A:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Friendship Village of Schaumburg),
5.625%, 2/15/37</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>910</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>717,954</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Monarch Landing, Inc. Project), 7%,
12/01/37</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,585</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,529,462</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Northwestern Memorial Hospital), 5.50%,
8/15/14 (f)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,880</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,115,113</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Illinois State Finance Authority, Student Housing Revenue
<BR>
 Bonds (MJH Education Assistance IV LLC),<BR>
 Sub-Series B, 5.375%, 6/01/35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>900</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>265,806</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>32,537,866</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Indiana&#151;5.2%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Indiana Health Facilities Financing Authority, Revenue<BR>
 Refunding Bonds (Ascension Health Credit Group),<BR>
 Series F, 5.375%, 11/15/25</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,447,050</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Indianapolis, Indiana, Local Public Improvement Bond Bank
<BR>
 Revenue Bonds (Waterworks Project),<BR>
 Series A, 5.25%, 7/01/12 (f)(m)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,954,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16,401,250</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</TABLE>

<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="60%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="20%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:1px solid black'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:1px solid black'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>29</FONT></P>
</TD>
</TR>
</table>
<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="55%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="18%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="28%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM NOWRAP>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Schedule of Investments (continued)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=Middle NOWRAP>
<p ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="2" COLOR="#1E5F95"><B>BlackRock Municipal Income Trust II (BLE)</B></FONT></p>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN="RIGHT"><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>(Percentages shown are based on Net Assets)</B></FONT></p>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal
 Bonds</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Kentucky&#151;0.2%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Kentucky Economic Development Financing Authority,<BR>
 Louisville Arena Project Revenue Bonds (Louisville<BR>
 Arena Authority, Inc.), Sub-Series A-1, 6%, 12/01/33 (g)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>445</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>453,504</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Maryland&#151;0.3%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Maryland State Health and Higher Educational Facilities
<BR>
 Authority Revenue Bonds (Union Hospital of Cecil County),<BR>
 5.625%, 7/01/32</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,003,330</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Michigan&#151;0.7%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Michigan State Hospital Finance Authority, Revenue
 Refunding<BR>
 Bonds (Henry Ford Health System),<BR>
 Series A, 5.25%, 11/15/46</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,305</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,103,589</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Missouri&#151;2.0%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Highway 370/Missouri Bottom Road/Taussig Road<BR>
 Transportation Development District Revenue Bonds,<BR>
 7.20%, 5/01/33</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,159,360</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Nevada&#151;0.9%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Clark County, Nevada, EDR, Refunding (Alexander Dawson<BR>
 School of Nevada Project), 5%, 5/15/29</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,855</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,775,831</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>New Jersey&#151;12.1%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>New Jersey EDA,
 Cigarette Tax Revenue Bonds:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.50%, 6/15/31 (n)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,737,560</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.75%, 6/15/34</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,712,720</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New Jersey EDA, EDR (Kapkowski Road Landfill Reclamation
<BR>
 Improvement District Project), AMT,<BR>
 Series B, 6.50%, 4/01/31</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,873,400</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New Jersey EDA, EDR, Refunding (Kapkowski Road Landfill
<BR>
 Reclamation Improvement District Project),<BR>
 6.50%, 4/01/28</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,475</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,548,928</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New Jersey EDA, Special Facility Revenue Bonds
 (Continental<BR>
 Airlines Inc. Project), AMT, 7.20%, 11/15/30</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,100</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,363,911</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>38,236,519</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>New Mexico&#151;1.9%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New Mexico Region III Housing Authority, M/F Housing<BR>
 Revenue Bonds (Villa Del Oso Apartments),<BR>
 Series A, 6%, 1/01/13 (f)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,962,736</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>New York&#151;6.3%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Albany, New York, IDA, Civic Facility Revenue Bonds<BR>
 (New Covenant Charter School Project),<BR>
 Series A, 7%, 5/01/35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>985</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>746,807</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York City, New York, City IDA, Special Facility
 Revenue<BR>
 Bonds (Continental Airlines Inc. Project), AMT,<BR>
 7.75%, 8/01/31</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,700</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,980,889</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York City, New York, City Transitional Finance
 Authority,<BR>
 Building Aid Revenue Refunding Bonds,<BR>
 Series S-1, 4.50%, 1/15/38</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,100</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,023,715</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York Liberty Development Corporation Revenue Bonds<BR>
 (Goldman Sachs Headquarters), 5.25%, 10/01/35</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,225</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,235,572</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York State Dormitory Authority, Non-State Supported
<BR>
 Debt Revenue Bonds (Columbia University), 5%, 7/01/38</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,108,850</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Port Authority of New York and New Jersey, Special<BR>
 Obligation Revenue Bonds (Continental Airlines, Inc.&#151;<BR>
 LaGuardia Project), AMT, 9%, 12/01/10</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,725</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,722,996</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,818,829</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>North Carolina&#151;3.8%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Gaston County, North Carolina, Industrial Facilities and
<BR>
 Pollution Control Financing Authority, Revenue Bonds<BR>
 (National Gypsum Company Project), AMT,<BR>
 5.75%, 8/01/35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,841,600</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal
 Bonds</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>North Carolina (concluded)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>North Carolina State Educational Assistance Authority,<BR>
 Revenue Refunding Bonds (Guaranteed Student Loan),<BR>
 VRDN, AMT, Series A-1, 10%, 9/01/35 (k)(o)(u)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,025</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,025,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11,866,600</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Ohio&#151;1.3%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>American Municipal Power, Inc., Ohio, Revenue Refunding
<BR>
 Bonds (Prairie State Energy Campus Project),<BR>
 Series A, 5%, 2/15/38</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,985</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,895,420</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Buckeye Tobacco Settlement Financing Authority, Ohio,<BR>
 Tobacco Settlement Asset-Backed Bonds,<BR>
 Series A-2, 6.50%, 6/01/47</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,190</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,058,391</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,953,811</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Oklahoma&#151;1.6%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Oklahoma State Development Finance Authority, Revenue<BR>
 Refunding Bonds (Saint John Health System),<BR>
 5%, 2/15/42</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,520</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,399,935</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Tulsa, Oklahoma, Municipal Airport Trust, Revenue<BR>
 Refunding Bonds, Series A, 7.75%, 6/01/35</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,925</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,711,166</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,111,101</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Pennsylvania&#151;6.1%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Monroe County, Pennsylvania, Hospital Authority Revenue
<BR>
 Bonds (Pocono Medical Center), 6%, 1/01/14 (f)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,702,900</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Pennsylvania Economic Development Financing Authority,<BR>
 Exempt Facilities Revenue Bonds, AMT, Series A:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Amtrak Project), 6.375%,
11/01/41</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,175</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,118,075</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Reliant Energy), 6.75%,
12/01/36</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,425</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,439,660</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,260,635</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;


</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>South Carolina&#151;5.9%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Greenwood County, South Carolina, Hospital Facilities
 Revenue<BR>
 Bonds (Self Memorial Hospital):</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.50%, 10/01/26</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,280</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,292,267</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.50%, 10/01/31</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,250</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,217,565</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>South Carolina Jobs EDA, Hospital Facilities Revenue<BR>
 Bonds (Georgetown Memorial Hospital),<BR>
 5.375%, 2/01/30 (n)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,750</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,490,613</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>South Carolina Jobs EDA, Hospital Facilities Revenue<BR>
 Refunding Bonds (Palmetto Health Alliance):</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series A, 6.25%, 8/01/31</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,640</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,672,552</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series C, 6.875%, 8/01/13 (f)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,880,900</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>18,553,897</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Tennessee&#151;3.3%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >

<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Knox County, Tennessee, Health, Educational and Housing
<BR>
 Facilities Board, Hospital Facilities Revenue Refunding<BR>
 Bonds (Covenant Health), Series A, 5.77%, 1/01/21 (a)(e)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20,405</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,430,425</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Texas&#151;23.2%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Brazos River Authority, Texas, PCR, Refunding (TXU Energy
<BR>
 Company LLC Project), AMT, Series A, 8.25%, 10/01/30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,400</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,405,952</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dallas-Fort Worth, Texas, International Airport, Joint
 Revenue<BR>
 Bonds, AMT, Series B, 6%, 11/01/23 (c)(m)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,009,440</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Gulf Coast Waste Disposal Authority, Texas, Revenue<BR>
 Refunding Bonds (International Paper Company), AMT,<BR>
 Series A, 6.10%, 8/01/24</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>18,649,800</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Harris County-Houston Sports Authority, Texas, Revenue<BR>
 Refunding Bonds, Third Lien, Series A-3,<BR>
 5.96%, 11/15/36 (a)(m)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>25,375</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,256,149</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Lower Colorado River Authority, Texas, Revenue Refunding
<BR>
 Bonds (m):</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5%, 5/15/13 (f)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>30</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>32,860</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5%, 5/15/31</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,270</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,269,898</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series A, 5%, 5/15/13 (f)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,477</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>


<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="60%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="20%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:1px solid black'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:1px solid black'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL>30</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="55%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="18%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="28%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM NOWRAP>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Schedule of Investments (continued)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=Middle NOWRAP>
<p ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="2" COLOR="#1E5F95"><B>BlackRock Municipal Income Trust II (BLE)</B></FONT></p>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN="RIGHT"><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>(Percentages shown are based on Net Assets)</B></FONT></p>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal
 Bonds</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Texas (concluded)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Montgomery County, Texas, Municipal Utility District<BR>
 Number 46, Waterworks and Sewer System, GO,<BR>
 4.75%, 3/01/30 (m)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>930</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>903,151</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>North Texas Tollway Authority, System Revenue Refunding
<BR>
 Bonds, Second Tier, Series F, 6.125%, 1/01/31</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,790</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,875,281</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>San Antonio Energy Acquisition Public Facilities
 Corporation,<BR>
 Texas, Gas Supply Revenue Bonds, 5.50%, 8/01/24</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,600</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,445,272</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Texas State Turnpike Authority, Central Texas Turnpike<BR>
 System Revenue Bonds (k):</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>6.09%, 8/15/36 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>73,370</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13,342,335</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>6.10%, 8/15/37 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>65,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11,090,300</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>6.10%, 8/15/38 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>27,600</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,417,380</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>First Tier, Series A, 5%,
8/15/42</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,575</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,424,757</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>73,128,052</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Virginia&#151;2.8%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Halifax County, Virginia, IDA, Exempt Facility Revenue<BR>
 Refunding Bonds (Old Dominion Electric Cooperative<BR>
 Project), AMT, 5.625%, 6/01/28 (k)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,867,250</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Washington&#151;1.4%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Washington State Health Care Facilities Authority, Revenue
<BR>
 Refunding Bonds (Providence Health System),<BR>
 Series A, 4.625%, 10/01/34 (j)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,820</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,364,606</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>West Virginia&#151;0.4%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>West Virginia EDA, Lease Revenue Bonds (Correctional,<BR>
 Juvenile and Public Safety Facilities),<BR>
 Series A, 5%, 6/01/29 (m)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,115</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,116,015</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Wisconsin&#151;3.0%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Wisconsin State Health and Educational Facilities
 Authority,<BR>
 Revenue Bonds (Aurora Health Care, Inc.),<BR>
 6.40%, 4/15/33</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,930</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,007,107</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Wisconsin State Health and Educational Facilities
 Authority,<BR>
 Revenue Refunding Bonds (Wheaton Franciscan<BR>
 Services, Inc.), 5.75%, 2/15/12 (c)(f)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,552,350</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,559,457</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Wyoming&#151;0.5%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Wyoming Municipal Power Agency, Power Supply Revenue<BR>
 Bonds, Series A:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.50%, 1/01/33</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>800</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>801,672</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.50%, 1/01/38</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>750</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>746,693</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,548,365</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Multi State&#151;4.2%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Charter Mac Equity
 Issuer Trust (i)(p):</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.75%, 4/30/15</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,055,800</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>6%, 4/30/15</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,327,950</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>6%, 4/30/19</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,702,440</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>6.30%, 4/30/19</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,226,170</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13,312,360</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Puerto Rico&#151;1.5%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Puerto Rico Commonwealth Highway and Transportation<BR>
 Authority, Transportation Revenue Refunding Bonds,<BR>
 Series N, 5.25%, 7/01/36 (g)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,370</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,512,899</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM style="padding:3px">
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Total Municipal Bonds&#151;143.7%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>452,440,484</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal
 Bonds Transferred to<BR>
 Tender Option Bond Trusts (q)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Alabama&#151;0.8%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Birmingham, Alabama, Special Care Facilities Financing<BR>
 Authority, Revenue Refunding Bonds (Ascension Health<BR>
 Credit), Series C-2, 5%, 11/15/36</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,519</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,415,748</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>California&#151;1.1%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Sacramento County, California, Airport System Revenue<BR>
 Bonds, AMT, Senior Series B, 5.25%, 7/01/39 (e)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,479</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,276,441</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Colorado&#151;3.5%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Colorado Health Facilities Authority, Revenue Bonds<BR>
 (Catholic Health) (e):</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5%, 9/01/36</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,714</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,678,185</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.10%, 10/01/41</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,229</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,202,484</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Colorado Health Facilities Authority, Revenue Refunding
 Bonds<BR>
 (Poudre Valley Health Care) (e):</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series B, 5.25%, 3/01/36</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,574</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,560,133</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series C, 5.25%, 3/01/40</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,744</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,704,891</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11,145,693</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Connecticut&#151;3.3%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Connecticut State Health and Educational Facilities
 Authority<BR>
 Revenue Bonds (Yale University):</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series T-1, 4.70%, 7/01/29</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,174</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,223,955</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series X-3, 4.85%, 7/01/37</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,129</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,169,236</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,393,191</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Illinois&#151;1.3%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Chicago, Illinois, O&#146;Hare International Airport
Revenue<BR>
 Refunding Bonds, Third Lien, AMT,<BR>
 Series C-2, 5.25%, 1/01/30 (e)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,289</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,112,937</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Massachusetts&#151;1.0%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Massachusetts State Water Resource Authority, General<BR>
 Revenue Refunding Bonds, Series A, 5%, 8/01/41</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,149</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,148,824</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>New York&#151;0.9%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York State Environmental Facilities Corporation,<BR>
 State Clean Water and Drinking Revenue Bonds<BR>
 (New York City Water Project), Series B, 5%, 6/15/31</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,850</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,880,181</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Ohio&#151;2.8%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Ohio State Air Quality Development Authority, Revenue<BR>
 Refunding Bonds (Dayton Power and Light Company<BR>
 Project), Series B, 4.80%, 1/01/34 (j)(r)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,139</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,877,042</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Virginia&#151;3.1%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>University of Virginia, Revenue Refunding Bonds,<BR>
 5%, 6/01/40</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,895</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,031,705</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Virginia State, HDA, Commonwealth Mortgage Revenue<BR>
 Bonds, Series H, Sub-Series H-1, 5.35%, 7/01/31 (l)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,750</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,755,363</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,787,068</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Washington&#151;1.6%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor=#E7ECF6 style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Central Puget Sound Regional Transportation Authority,<BR>
 Washington, Sales and Use Tax Revenue Bonds,<BR>
 Series A, 5%, 11/01/32 (e)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,040</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,093,504</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>King County, Washington, Sewer Revenue Refunding Bonds,<BR>
 5%, 1/01/36 (e)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,964</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,974,733</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,068,237</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL><B>Total
 Municipal Bonds Transferred to<BR>
 Tender Option Bond Trusts&#151;19.4%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>61,105,362</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Total
 Long-Term Investments (Cost&#151;$518,567,489)&#151;163.1%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>513,545,846</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</TABLE>

<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="60%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="20%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:1px solid black'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:1px solid black'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>31</FONT></P>
</TD>
</TR>
</table>
<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="55%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="18%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="28%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD COLSPAN="3" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM NOWRAP>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Schedule of Investments (concluded)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=Middle NOWRAP>
<p ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="2" COLOR="#1E5F95"><B>BlackRock Municipal Income Trust II (BLE)</B></FONT></p>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Short-Term
 Securities</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Shares</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Merrill Lynch
 Institutional Tax-Exempt Fund, 1.84% (s)(t)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,701,021</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,701,021</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Total
 Short-Term Securities (Cost&#151;$2,701,021)&#151;0.8%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,701,021</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL><B>Total
 Investments (Cost&#151;$521,268,510*)&#151;163.9%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>516,246,867</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Other
 Assets Less Liabilities&#151;1.4%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,319,714</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL><B>Liability
 for Trust Certificates, Including Interest</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Expense
 and Fees Payable&#151;(12.6)%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(39,559,604</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL><B>Preferred
 Shares, at Redemption Value&#151;(52.7)%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(166,118,018</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Net
 Assets Applicable to Common Shares&#151;100.0%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>314,888,959</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom: solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom: solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom: solid black 2px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>*</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>The cost and
 unrealized appreciation (depreciation) of investments as of August 31, 2008,
 as computed for federal income tax purposes, were as follows:</FONT></P>
</TD>
</TR>
</TABLE>

<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="62%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Aggregate cost</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>481,299,167</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P></TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P >&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom: solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom: solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom: solid black 2px">&nbsp;

</TD>
</TR>


<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Gross unrealized
 appreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13,120,271</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Gross unrealized
 depreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(17,571,095</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>

<TR style="font-size:1px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P></TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P >&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>


<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Net unrealized
 depreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(4,450,824</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P></TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P >&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom: solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom: solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom: solid black 2px">&nbsp;

</TD>
</TR>


</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(a)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Represents a
 zero-coupon bond. Rate shown reflects the effective yield at the time of
 purchase.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(b)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>ACA Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(c)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>All or a portion of
 the security has been pledged as collateral in connection with swaps.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(d)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Security is
 collateralized by Municipal or U.S. Treasury Obligations.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(e)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>FSA Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(f)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>U.S. government
 securities, held in escrow, are used to pay interest on this security as well
 as to retire the bond in full at the date indicated, typically at a premium
 to par.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(g)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Assured Guaranty
 Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(h)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>XL Capital Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(i)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Security exempt
 from registration under Rule 144A of the Securities Act of 1933. These
 securities may be resold in transactions exempt from registration to
 qualified institutional investors.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(j)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>FGIC Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(k)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>AMBAC Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(l)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Represents a step
 bond. Rate shown reflects the effective yield at the time of purchase.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(m)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>MBIA Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(n)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Radian Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(o)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Variable rate
 security. Rate shown is as of report date. Maturity shown is the final
 maturity date.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(p)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Security represents
 a beneficial interest in a trust. The collateral deposited into the trust is
 federally tax-exempt revenue bonds issued by various state or local
 governments, or their respective agencies or authorities. The security is
 subject to remarketing prior to its stated maturity, and is subject to
 mandatory redemption at maturity.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(q)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Securities
 represent bonds transferred to a tender option trust in exchange for which
 the Trust acquired residual interest certificates. These securities serve as
 collateral in a financing transaction. See Note 1 of the Notes to Financial
 Statements for details of municipal bonds transferred to tender option bond
 trusts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(r)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>BHAC Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(s)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Represents the
 current yield as of report date.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(t)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Investments in
 companies considered to be an affiliate of the Trust, for purposes of
 Section2(a)(3) of the Investment Company Act of 1940, were as follows:</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="62%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Affiliate</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Net<BR>
 Activity</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Income</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Merrill Lynch
 Institutional Tax-Exempt Fund</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN="CENTER"><FONT SIZE=1  FACE=ARIAL>(498,979)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>329,501</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><BR>(u)</FONT></P>
</TD>
<TD VALIGN=BOTTOM colspan=8>
<P><FONT SIZE=1 FACE=ARIAL><BR>Security may have a
 maturity of more than one year at time of issuance, but has variable rate and
 demand features that qualify it as a short-term security.<BR><BR></FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&#149;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Forward interest
 rate swaps outstanding as of August 31, 2008 were as follows:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Notional<BR>
 Amount<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Unrealized<BR>
 Depreciation</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Pay a fixed rate of 3.639% and receive a floating rate<BR>
 based on 1-week SIFMA Municipal Swap Index Rate</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Broker, JPMorgan
 Chase</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Expires September
 2018</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>26,565</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(725,862</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Pay a fixed rate of 3.919% and receive a floating rate<BR>
 based on 1-week SIFMA Municipal Swap Index Rate</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Broker, Citibank NA</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Expires September
 2028</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>25,670</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(929,228</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL><B>Total</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,655,090</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom: solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom: solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom: solid black 2px">&nbsp;

</TD>
</TR>
</TABLE>

<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="60%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="20%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:1px solid black'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:1px solid black'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1  FACE=ARIAL>32</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>




<TABLE ALIGN=CENTER BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="45%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="55%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=bottom>
<P><FONT SIZE=4 FACE=ARIAL COLOR=#1E5F95>Schedule of Investments<FONT size=2 FACE=ARIAL COLOR=#1E5F95> August 31, 2008</FONT></FONT></P>
</TD>
<TD VALIGN=bottom>
<P ALIGN=RIGHT><FONT style="font-size:9pt" FACE=ARIAL COLOR=#1E5F95><B>BlackRock California Insured Municipal
 Income Trust (BCK)</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=bottom>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>(Percentages shown are based on Net Assets)</B> </FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal Bonds</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:2PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>California&#151;135.8%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Benicia, California, Unified School District, GO,<BR>
 Series B, 5.45%, 8/01/23 (a)(b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,999,620</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>California Educational Facilities Authority Revenue
Bonds<BR>
 (Scripps College), 5%, 8/01/31 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,385</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,571,341</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>California State Department of Water Resources, Power<BR>
 Supply Revenue Bonds, Series A, 5.25%, 5/01/12 (c)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,199,530</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>California State Public Works Board, Lease Revenue<BR>
 Bonds (Department of General Services&#151;Capitol East<BR>
 End Complex), Series A, 5%, 12/01/27 (d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,011,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>California State University, Systemwide Revenue
Refunding<BR>
 Bonds, Series A, 5%, 11/01/30 (d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,020,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>California Statewide Communities Development Authority<BR>
 Revenue Bonds:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Adventist), Series B, 5%, 3/01/37 (e)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>985,060</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Sutter Health), Series D, 5.05%, 8/15/38 (f)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,969,300</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Ceres, California, Unified School District, GO (Election
 of<BR>
 2001), Series B (b)(g):</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.907%, 8/01/30</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,055</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>863,801</FONT></P>
</TD>

<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.915%, 8/01/31</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,180</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>847,438</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.919%, 8/01/32</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,300</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>827,573</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.924%, 8/01/33</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,440</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>812,150</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.894%, 8/01/34</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,575</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>803,410</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.896%, 8/01/35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,275</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>693,481</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Glendale, California, Community College District, GO<BR>
 (Election of 2002), Series D, 5%, 11/01/31 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,496,424</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Hemet, California, Unified School District, GO, Series
B,<BR>
 5.125%, 8/01/37 (e)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,140</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,170,666</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Kaweah Delta Health Care District, California, Revenue<BR>
 Refunding Bonds, 6%, 8/01/12 (c)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,600</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,979,600</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Los Angeles, California, Department of Water and Power,<BR>
 Waterworks Revenue Bonds, Series A (g):</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5%, 7/01/43</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,550</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,478,574</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.125%, 7/01/41</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,005,550</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Los Angeles, California, Wastewater System Revenue<BR>
 Refunding Bonds:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series A, 5%, 6/01/32 (g)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,025</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,042,954</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Sub-Series A, 5%, 6/01/27 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,029,050</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Los Angeles County, California, Metropolitan
 Transportation<BR>
 Authority, Sales Tax Revenue Refunding Bonds,<BR>
 Proposition C, VRDN, Second Senior Series A,<BR>
 7.50%, 7/01/20 (a)(h)(m)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Morongo, California, Unified School District, GO (Election
 of<BR>
 2005), Series A, 5.25%, 8/01/38 (e)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,775</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,832,554</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Murrieta Valley, California, Unified School District,
 Public<BR>
 Financing Authority, Special Tax Revenue Bonds,<BR>
 Series A, 5.125%, 9/01/26 (e)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,004,230</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Napa, California, Water Revenue Bonds, 5%, 5/01/35
(d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,969,250</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Palomar Pomerado Health Care District, California, GO<BR>
 (Election of 2004), Series A, 5.125%, 8/01/37 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,850</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,873,051</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Riverside, California, Unified School District, GO
 (Election<BR>
 of 2001), Series A, 5%, 2/01/27 (g)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,993,850</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Sacramento, California, Area Flood Control Agency,
Special<BR>
 Assessment Refunding Bonds (Consolidated Capital<BR>
 Assessment District), Series A, 5%, 10/01/32 (g)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,125</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,110,189</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>San Joaquin Hills, California, Transportation Corridor
 Agency,<BR>
 Toll Road Revenue Refunding Bonds,<BR>
 Series A, 5.45%, 1/15/31 (a)(b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,167,600</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Municipal Bonds</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:2PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>California (concluded)</B></FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>San Jose, California, Financing Authority, Lease
Revenue<BR>
 Refunding Bonds (Civic Center Project),<BR>
 Series B, 5%, 6/01/37 (d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,963,280</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Santa Rosa, California, Wastewater Revenue Refunding<BR>
 Bonds, Series B, 5.46%, 9/01/27 (b)(d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11,125</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,048,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Stockton, California, Unified School District, GO<BR>
 (Election of 2005), 5%, 8/01/31 (f)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,040,830</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Tustin, California, Unified School District, Senior
Lien<BR>
 Special Tax Bonds (Community Facilities District<BR>
 Number 97-1), Series A, 5%, 9/01/38 (f)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,990,730</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>West Contra Costa, California, Unified School District,<BR>
 GO (Election of 2005), Series B, 5.625%, 8/01/35 (i)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,112,780</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT FACE="ARIAL" SIZE="1"><B>Total Municipal Bonds&#151;135.8%</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>100,913,366</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
 <TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
<TR style="font-size:3px">
 <TD COLSPAN="8" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal Bonds Transferred to<BR>
 Tender Option Bond Trusts (j)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:2PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>California&#151;17.3%</B></FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Alameda County, California, Joint Powers Authority,<BR>
 Lease Revenue Refunding Bonds, 5%, 12/01/34 (f)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,201,056</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Desert, California, Community College District, GO,<BR>
 Series C, 5%, 8/01/37 (f)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,994</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,008,580</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>San Diego County, California, Water Authority, Water
 Revenue<BR>
 Refunding Bonds, COP, Series A:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5%, 5/01/32 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,298</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,326,288</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5%, 5/01/33 (f)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,245</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,299,973</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Total Municipal
 Bonds Transferred to<BR>
 Tender Option Bond Trusts&#151;17.3%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12,835,897</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL><B>Total Long-Term Investments
 (Cost&#151;$113,204,392)&#151;153.1%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>113,749,263</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
 <TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
 <TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Short-Term Securities</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Shares</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>CMA California Municipal Money Fund, 1.35%
(k)(l)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,272,867</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,272,867</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT FACE="ARIAL" SIZE="1"><B>Total Short-Term Securities
(Cost&#151;$6,272,867)&#151;8.4%</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,272,867</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Investments
 (Cost&#151;$119,477,259*)&#151;161.5%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>120,022,130</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Other Assets Less Liabilities&#151;1.1%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>828,771</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Liability for Trust Certificates,
 Including Interest</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Expense and Fees Payable&#151;(12.1)%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(8,976,241</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Preferred Shares, at Redemption
 Value&#151;(50.5)%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(37,571,859</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Net Assets Applicable to Common
 Shares&#151;100.0%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>74,302,801</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>
<div><FONT SIZE=1 FACE=ARIAL>See Notes
to Financial Statements.</FONT></div>

<TABLE ALIGN=CENTER BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:8px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT  SIZE=1 FACE=ARIAL>33</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="45%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="55%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=bottom>
<P><FONT SIZE=4 FACE=ARIAL COLOR=#1E5F95>Schedule of Investments (concluded)</FONT></P>
</TD>
<TD VALIGN=bottom>
<P ALIGN=RIGHT><FONT style="font-size:9pt" FACE=ARIAL COLOR=#1E5F95><B>BlackRock California Insured Municipal
 Income Trust (BCK)</B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>*</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>The cost and unrealized
 appreciation (depreciation) of investments as of August 31, 2008, as computed
 for federal income tax purposes, were as follows:</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" style="margin-left:5%">
<TR style="font-size:1px">
<TD WIDTH="82%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Aggregate cost</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>110,624,863</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Gross unrealized appreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,710,817</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Gross unrealized depreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,246,071</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Net unrealized appreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>464,746</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;
</TD>
</TR>
</table>


<TABLE ALIGN=CENTER BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:3px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(a)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>MBIA Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(b)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Represents a zero-coupon bond. Rate shown reflects the
 effective yield at the time of purchase.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(c)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>U.S. government securities, held in escrow, are used to
 pay interest on this security as well as to retire the bond in full at the
 date indicated, typically at a premium to par.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(d)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>AMBAC Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(e)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Assured Guaranty Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(f)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>FSA Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(g)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>FGIC Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(h)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Variable rate security. Rate shown is as of report date.
 Maturity shown is the final maturity date.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(i)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>BHAC Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(j)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Securities represent bonds transferred to a tender option
 bond trust in exchange for which the Trust acquired residual interest
 certificates. These securities serve as collateral in a financing
 transaction. See Note 1 of the Notes to Financial Statements for details of
 municipal bonds transferred to tender option bond trusts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(k)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Represents the current yield as of report date.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(l)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Investments in companies considered to be an affiliate of
 the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of
 1940, were as follows:</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>

</table>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" style="margin-left:5%">
<TR style="font-size:1px">
<TD WIDTH="70%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Affiliate</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Net<BR>
 Activity</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Income</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>CMA California Municipal Money Fund</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD colspan=2 VALIGN=BOTTOM>
<P ALIGN="CENTER"><FONT SIZE=1  FACE=ARIAL>4,829,409</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>130,153</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(m)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Security may have a maturity of more than one year at time
 of issuance, but has variable rate and demand features that qualify it as a
 short-term security.</FONT></P>
</TD>
</TR>
</table>
<BR>
<div><FONT SIZE=1 FACE=ARIAL>See Notes
to Financial Statements.</FONT></div>

<TABLE ALIGN=CENTER BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:8px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>34</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="55%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="17%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="28%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Schedule of Investments</FONT><FONT  size=2 COLOR="#1E5F95" FACE=ARIAL> August 31, 2008</FONT></P>
 </TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM nowrap>
<P ALIGN=right><FONT FACE="ARIAL" SIZE="2" COLOR="#1E5F95"><B>BlackRock California Municipal Bond Trust
 (BZA)</B> </FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P align=right><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>(Percentages shown are based on Net
 Assets)</B> </FONT></P>
</TD>
</TR>
</table>

<BR>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal Bonds</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR  bgcolor=#E7ECF6>
<TD COLSPAN=8 VALIGN=TOP STYLE="PADDING:3PT">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL>
<B>California&#151;141.6%</B></FONT></P>
</TD>

</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>AIG
 SunAmerica, Inc., M/F Housing Revenue Bonds<BR>
 (San Lucas Apartments), Pass-Through Certificates of<BR>
 Beneficial Ownership, AMT, Series 5, 5.95%, 11/01/34</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,135</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,055,962</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>AIG
 SunAmerica, Inc., Santa Maria, California, M/F Housing<BR>
 Revenue Bonds (Westgate Courtyards Apartments),<BR>
 Pass-Through Certificates of Beneficial Ownership, AMT,<BR>
 Series 3, 5.80%, 11/01/34</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,300</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,299,770</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>California
 Educational Facilities Authority Revenue Bonds<BR>
 (University of San Diego), Series A, 5.25%, 10/01/30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,045,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>California
 Health Facilities Financing Authority Revenue Bonds<BR>
 (Valleycare Medical Center), Series A,<BR>
 5.375%, 5/01/12 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,270</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,595,365</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>California
 Infrastructure and Economic Development Bank<BR>
 Revenue Bonds (J. David Gladstone Institute Project),<BR>
 5.25%, 10/01/34</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,750</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,751,162</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>California
 Pollution Control Financing Authority, Solid Waste<BR>
 Disposal Revenue Bonds (Waste Management Inc.<BR>
 Project), AMT:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series A-2,
 5.40%, 4/01/25</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>530</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>466,421</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series C,
 5.125%, 11/01/23</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>860,290</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>California
 Pollution Control Financing Authority, Solid Waste<BR>
 Disposal Revenue Refunding Bonds (Republic Services Inc.<BR>
 Project), AMT, Series C, 5.25%, 6/01/23</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>463,220</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>California
 Statewide Communities Development Authority<BR>
 Revenue Bonds:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Catholic
 Healthcare West), Series E, 5.50%, 7/01/31</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,250</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,231,525</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT SIZE=1 FACE=ARIAL>(Daughters of Charity National
 Health System),</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT SIZE=1 FACE=ARIAL>Series A, 5.25%, 7/01/30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,375,875</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR >
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Kaiser
 Permanente), Series A, 5.50%, 11/01/32</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,031,400</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Sutter
 Health), Series B, 5.625%, 8/15/42</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,250</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,280,290</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR >
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Chino
 Basin, California, Desalter Authority, Revenue Refunding<BR>
 Bonds, Series A, 5%, 6/01/35 (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,988,160</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Chino
 Basin, California, Regional Financing Authority, Revenue<BR>
 Refunding Bonds (Inland Empire Utility Agency),<BR>
 Series A, 5%, 11/01/33 (c)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>978,900</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR >
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Chula
 Vista, California, IDR (San Diego Gas and Electric<BR>
 Company), AMT, Series B, 5%, 12/01/27</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,175</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,093,784</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Eastern
 Municipal Water District, California, Water and<BR>
 Sewer, COP, Series H, 5%, 7/01/33</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,545</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,534,031</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR >
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Foothill/Eastern
 Corridor Agency, California, Toll Road Revenue<BR>
 Refunding Bonds, 5.75%, 1/15/40</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,845</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,714,808</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Golden
 State Tobacco Securitization Corporation of California,<BR>
 Tobacco Settlement Revenue Bonds (a):</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR >
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series A-1,
 6.625%, 6/01/13</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,300,780</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series B,
 5.50%, 6/01/13</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,752,825</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series B,
 5.625%, 6/01/13</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,300</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,438,580</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Kaweah
 Delta Health Care District, California, Revenue<BR>
 Refunding Bonds, 6%, 8/01/12 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,745</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,999,770</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Lathrop,
 California, Financing Authority Revenue Bonds<BR>
 (Water Supply Project):</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.90%,
 6/01/27</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>655</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>641,127</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR >
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>6%, 6/01/35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,180</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,175,197</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Live Oak
 Unified School District, California, GO (Election of <BR>
 2004), Series B (d)(e):</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR >
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.57%,
 8/01/18 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>905</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>269,998</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.58%,
 8/01/18 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>945</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>266,443</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR >
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.53%,
 8/01/29</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>705</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>228,413</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.38%,
 8/01/30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>795</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>238,913</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR >
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.55%,
 8/01/31</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>830</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>232,466</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.56%,
 8/01/32</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>865</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>227,010</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Municipal Bonds</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>

<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR  bgcolor=#E7ECF6>
<TD COLSPAN=8 VALIGN=TOP STYLE="PADDING:3PT">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL>
<B>California (concluded)</B></FONT></P>
</TD>

</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Los
 Angeles, California, Regional Airports Improvement<BR>
 Corporation, Lease Revenue Bonds (American Airlines<BR>
 Inc.), AMT, Series B, 7.50%, 12/01/24</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>884,580</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Los Angeles
 County, California, Metropolitan Transportation<BR>
 Authority, Sales Tax Revenue Refunding Bonds,<BR>
 Proposition C, VRDN, Second Senior Series A,<BR>
 7.50%, 7/01/20 (f)(g)(n)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Modesto,
 California, Irrigation District, COP,<BR>
 Series B, 5.50%, 7/01/35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>750</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>763,050</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Orange
 County, California, Community Facilities District,<BR>
 Special Tax Bonds (Number 01-1 Ladera Ranch),<BR>
 Series A, 6%, 8/15/10 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,400</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,608,032</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Palm
 Springs, California, Mobile Home Park Revenue Bonds<BR>
 (Sahara Mobile Home Park), Series A, 5.75%, 5/15/37</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,858,220</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Pasadena,
 California, COP, Refunding, Series C, 5%, 2/01/33</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,200,840</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>San Francisco,
 California, City and County Redevelopment<BR>
 Agency, Community Facilities District Number 1, Special<BR>
 Tax Bonds (Mission Bay South Public Improvements<BR>
 Project), 6.25%, 8/01/33</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,496,700</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Santa Ana,
 California, Unified School District, COP<BR>
 (Financing Program), 5.75%, 4/01/29 (e)(h)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,155,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Stockton,
 California, Unified School District, GO (Election<BR>
 of 2005), 5%, 8/01/31 (h)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,027,220</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Torrance,
 California, Hospital Revenue Refunding Bonds<BR>
 (Torrance Memorial Medical Center),<BR>
 Series A, 5.50%, 6/01/31</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,501,171</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Val Verde,
 California, Unified School District, GO<BR>
 (Election of 2008), Series A, 5.50%, 8/01/33</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,615</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,638,353</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>71,671,351</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR  bgcolor=#E7ECF6>
<TD COLSPAN=8 VALIGN=TOP STYLE="PADDING:3PT">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL>
<B>Multi State&#151;7.8%</B></FONT></P>
</TD>

</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Charter Mac
 Equity Issuer Trust, 7.20%, 10/31/52 (i)(j)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,958,570</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Municipal Bonds&#151;149.4%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>75,629,921</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal Bonds Transferred to<BR>
 Tender Option Bond Trusts (k)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Santa Clara
 County, California, Financing Authority, Lease<BR>
 Revenue Refunding Bonds, Series L, 5.25%, 5/15/36</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,999</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,048,827</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Total Municipal Bonds Transferred to<BR>
 Tender Option Bond Trusts&#151;6.0%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,048,827</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Long Term Investments
(Cost&#151;$76,086,412)&#151;155.3%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>78,678,748</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
</TD>
<TD VALIGN=TOP>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Short-Term Securities</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Shares</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>CMA
 California Municipal Money Fund, 1.35% (l)(m)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,134,105</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,134,105</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Short-Term Securities
(Cost&#151;$2,134,105)&#151;4.2%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,134,105</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Investments
(Cost&#151;$78,220,517*)&#151;159.6%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>80,812,853</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Liabilities In Excess of Other
Assets&#151;(0.3)%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(163,541</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL><B>Liability for Trust Certificates,
 Including Interest<BR>
 Expense and Fees Payable (4.0)%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,008,328</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Preferred Shares, at Redemption
Value&#151;(55.3)%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(27,991,285</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Net Assets Applicable to Common
Shares&#151;100.0%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>50,649,699</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:SOLID black 2px">&nbsp;

</TD>
</TR>
</table>

<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>35</FONT></P>
 </TD>
 </TR>
</table>
<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="55%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="17%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="28%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Schedule of Investments</FONT><FONT SIZE=3 COLOR="#1E5F95" FACE=ARIAL>
 (concluded)</FONT></P>
 </TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM nowrap>
<P ALIGN=right><FONT FACE="ARIAL" SIZE="2" COLOR="#1E5F95"><B>BlackRock
 California Municipal Bond Trust (BZA)</B> </FONT></P>
 </TD>
 </TR>

</table>
<BR>






<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>*</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>The cost and unrealized appreciation (depreciation) of
 investments as of August 31, 2008, as computed for federal income tax
 purposes, were as follows:</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" STYLE="MARGIN-LEFT:5%">
<TR style="font-size:1px">
<TD WIDTH="78%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="13%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Aggregate cost</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>76,049,448</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Gross unrealized appreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,798,876</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Gross unrealized depreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,034,318</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Net unrealized appreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,764,558</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(a)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>U.S. government securities, held in escrow, are used to
 pay interest on this security as well as to retire the bond in full at the
 date indicated, typically at a premium to par.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(b)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Assured Guaranty Insured. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(c)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>AMBAC Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(d)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>XL Capital Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(e)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Represents a zero-coupon bond. Rate shown reflects the
 effective yield at the time of purchase.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(f)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>MBIA Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(g)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Variable rate security. Rate shown is as of report date.
 Maturity shown is the final maturity date.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(h)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>FSA Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(i)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Security exempt from registration under Rule 144A of the
 Securities Act of 1933. These securities may be resold in transactions exempt
 from registration to qualified institutional investors.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(j)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Security represents a beneficial interest in a trust. The
 collateral deposited into the trust is federally tax-exempt revenue bonds
 issued by various state or local governments, or their respective agencies or
 authorities. The security is subject to remarketing prior to its stated
 maturity, and is subject to mandatory redemption at maturity.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(k)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Securities represent bonds transferred to a tender option
 bond trust in exchange for which the Trust acquired residual interest
 certificates. These securities serve as collateral in a financing
 transaction. See Note 1 of the Notes to Financial Statements for details of
 municipal bonds transferred to tender option trusts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(l)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Represents the current yield as of report date.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(m)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Investments in companies considered to be an affiliate of
 the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of
 1940, were as follows:</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" STYLE="MARGIN-LEFT:5%">
<TR style="font-size:1px">
<TD WIDTH="70%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Affiliate</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Net<BR>
 Activity</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Income</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>CMA California Municipal Money Fund</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>1,798,571</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>100,676</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(n)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Security may have a maturity of more than one year at time
 of issuance, but has variable rate and demand features that qualify it as a
 short-term security.</FONT></P>
</TD>
</TR>
</table>

<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>


<TR>
 <TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</TR>

 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>36</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>
<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="50%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="55%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Schedule of Investments<FONT size=2 COLOR=#1E5F95 FACE=ARIAL> August 31, 2008</FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT style="font-size:9pt" COLOR=#1E5F95 FACE=ARIAL><B>BlackRock California Municipal Income Trust
II (BCL)</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 COLOR=#1E5F95 FACE=ARIAL><B>(Percentages
 shown are based on Net Assets)</B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal Bonds</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-LEFT:2PT'><FONT SIZE=1 COLOR=#1E5F95 FACE=ARIAL><B>California&#151;143.0%</B></FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>Alameda County, California, Joint Powers Authority,
Lease<BR>
 Revenue Refunding Bonds, 5%, 12/01/34 (a) </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,503,080</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>California HFA, Home Mortgage Revenue Bonds, VRDN,<BR>
 AMT, Series P, 7%, 2/01/27 (b)(c)(n)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,000,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>California Infrastructure and Economic Development Bank<BR>
 Revenue Bonds (Kaiser Hospital Assistance I-LLC),<BR>
 Series A, 5.55%, 8/01/31</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,735</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,744,404</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>California Pollution Control Financing Authority, Solid
 Waste<BR>
 Disposal Revenue Bonds (Waste Management Inc.<BR>
 Project), AMT:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>Series A-2, 5.40%, 4/01/25</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,180</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,038,447</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>Series C, 5.125%, 11/01/23</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,580,870</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>California State, Various Purpose, GO, 5.50%,
11/01/33</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,150,560</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>California Statewide Communities Development Authority,<BR>
 Health Facility Revenue Bonds (Memorial Health<BR>
 Services), Series A, 5.50%, 10/01/33</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,964,720</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>California Statewide Communities Development Authority,<BR>
 Revenue Bonds:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>(Catholic Healthcare West), Series E, 5.50%,
7/01/31</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,250</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,231,525</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>(Kaiser Permanente), Series A, 5.50%, 11/01/32</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,031,400</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>(Sutter Health), Series B, 5.50%, 8/15/34</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,044,960</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>Chabot-Las Positas, California, Community College
 District,<BR>
 GO (Election of 2004), Series B, 5%, 8/01/31 (d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,014,220</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>Chula Vista, California, IDR (San Diego Gas and
Electric<BR>
 Company), AMT, Series B, 5%, 12/01/27</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,690</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,504,067</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>Corona-Norco Unified School District, California,
 Community<BR>
 Facilities District Number 98-1, Special Tax Bonds,<BR>
 5.10%, 9/01/32 (d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,015,900</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>Eastern Municipal Water District, California, Water and<BR>
 Sewer, COP, Series H, 5%, 7/01/33</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,100</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,063,790</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>Foothill/Eastern Corridor Agency, California, Toll Road
 Revenue<BR>
 Bonds, Senior Lien, Series A (e)(f):</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>5.40%, 1/01/26</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15,470</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,694,178</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>5.42%, 1/01/30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,890</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,680,008</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>Foothill/Eastern Corridor Agency, California, Toll Road
 Revenue<BR>
 Refunding Bonds, 6.12%, 1/15/30 (e)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,550</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,620,994</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>Golden State Tobacco Securitization Corporation of
 California,<BR>
 Tobacco Settlement Revenue Bonds (g):</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>Series A-1, 6.625%, 6/01/13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,900</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,336,131</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>Series A-1, 6.75%, 6/01/13</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,402,830</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>Series B, 5.50%, 6/01/13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,404,520</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>La Quinta, California, Redevelopment Agency, Tax
 Allocation<BR>
 Bonds (Redevelopment Project Area Number 1),<BR>
 5.125%, 9/01/32 (d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,001,250</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>Los Angeles, California, Department of Water and Power,<BR>
 Waterworks Revenue Refunding Bonds, Series A,<BR>
 5.125%, 7/01/41 (h)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,506,105</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>Los Angeles, California, Regional Airports Improvement<BR>
 Corporation, Lease Revenue Bonds (American Airlines Inc.),<BR>
 AMT, Series C, 7.50%, 12/01/24</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,785</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,578,975</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>Los Angeles County, California, Metropolitan
 Transportation<BR>
 Authority, Sales Tax Revenue Refunding Bonds,<BR>
 Proposition C, VRDN, Second Senior Series A,<BR>
 7.50%, 7/01/20 (b)(c)(n)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,500,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>Modesto, California, Irrigation District, COP, Series
B,<BR>
 5.50%, 7/01/35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,650</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,678,710</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>Pasadena, California, COP, Refunding, Series C, 5%,
 2/01/33</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,800</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,801,960</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal Bonds</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>


<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM style='border-bottom:1px solid #1E5F95'>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 COLOR=#1E5F95 FACE=ARIAL><B>California
 (concluded)</B></FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>Poway, California, Unified School District, Special Tax
 Bonds<BR>
 (Community Facilities District Number 6):</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>5.50%, 9/01/25</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,485,300</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>5.60%, 9/01/33</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,700</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,675,248</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>Rohnert Park, California, Financing Authority, Mobile
Home<BR>
 Park Revenue Bonds (Rancho Felix Mobile Home Park),<BR>
 Series A, 5.625%, 9/15/28</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,470</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,396,320</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>Sacramento County, California, Sanitation District
 Financing<BR>
 Authority, Revenue Bonds (Sacramento Regional County<BR>
 Sanitation District), 5%, 12/01/36 (h)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,400</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,381,856</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>San Bernardino County, California, Special Tax Bonds<BR>
 (Community Facilities District Number 2002-1),<BR>
 5.90%, 9/01/33</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,969,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>San Diego, California, Unified School District, GO<BR>
 (Election of 1998), Series D, 5.25%, 7/01/23 (h)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,175,980</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>San Francisco, California, City and County
Redevelopment<BR>
 Agency, Community Facilities District Number 1, Special<BR>
 Tax Bonds (Mission Bay South Public Improvements<BR>
 Project), 6.25%, 8/01/33</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,993,400</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>San Joaquin Hills, California, Transportation Corridor
 Agency,<BR>
 Toll Road Revenue Refunding Bonds, Series A,<BR>
 5.46%, 1/15/34 (c)(e)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>30,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,386,100</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>Santa Ana, California, Unified School District (Election
 of<BR>
 2008), GO, Series A:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>5.50%, 8/01/30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,830</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,014,170</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>5.125%, 8/01/33</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,981,860</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>Santa Rosa, California, Wastewater Revenue Refunding<BR>
 Bonds, Series B, 5.35%, 9/01/25 (d)(e)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,685</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,101,280</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>South Tahoe, California, Joint Powers Financing
Authority,<BR>
 Revenue Refunding Bonds (South Tahoe Redevelopment<BR>
 Project Area Number 1), Series A, 5.45%, 10/01/33</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,093,168</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>Stockton, California, Unified School District, GO
 (Election of <BR>
 2005), 5%, 8/01/31 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,027,220</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>University of California, General Revenue Bonds,<BR>
 Series A, 5%, 5/15/33 (d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,988,620</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>University of California, Revenue Bonds, Series D,<BR>
 5%, 5/15/32 (h)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,492,925</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>Val Verde, California, Unified School District
Financing<BR>
 Authority, Special Tax Refunding Bonds, Junior Lien,<BR>
 6.25%, 10/01/28</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,170</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,173,229</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>Val Verde, California, Unified School District, GO
 (Election of<BR>
 2008), Series A, 5.50%, 8/01/33</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,072,300</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>160,501,580</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-LEFT:2PT'><FONT SIZE=1 COLOR=#1E5F95 FACE=ARIAL><B>Multi-State&#151;3.8%</B></FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>Charter Mac Equity Issuer Trust (i)(j):</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>5.75%, 4/30/15</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>527,900</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR  >
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>6%, 4/30/15</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,598,385</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>6%, 4/30/19</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,057,840</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1  FACE=ARIAL>6.30%, 4/30/19</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,075,390</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,259,515</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-LEFT:2PT'><FONT SIZE=1 COLOR=#1E5F95 FACE=ARIAL><B>Total Municipal Bonds&#151;146.8%</B></FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>164,761,095</FONT></P>
</TD>
 <TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
</TD>
<TD VALIGN=TOP>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
</TD>
<TD VALIGN=TOP>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
</TD>
<TD VALIGN=TOP>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
</TD>
<TD VALIGN=TOP>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
</TD>
<TD VALIGN=TOP>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
</TD>
<TD VALIGN=TOP>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
</TD>
<TD VALIGN=TOP>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal Bonds Transferred to<BR>
 Tender Option Bond Trusts (k)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>California State Department of Water Resources Revenue<BR>
 Bonds (Central Valley Project), Series AE, 5%, 12/01/29</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,245,490</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

</table>
<BR>
<DIV><FONT SIZE=1 FACE=ARIAL>See Notes
to Financial Statements.</FONT></DIV>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:8px">
<TD WIDTH="15%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="60%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="20%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:1px solid black'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:1px solid black'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
31, 2008</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN="RIGHT" ><FONT SIZE=1 FACE=ARIAL>37</FONT></P>
</TD>
</TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="47%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="52%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>

<TR>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=Bottom>
<P><FONT SIZE=4 FACE=ARIAL COLOR=#1E5F95>Schedule of Investments (concluded)</FONT></P>
</TD>
<TD VALIGN=Bottom>
<P ALIGN=RIGHT><FONT style="font-size:9pt" COLOR=#1E5F95 FACE=ARIAL><B>BlackRock California Municipal Income Trust
 II (BCL)</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=Bottom>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>(Percentages
 shown are based on Net Assets)</B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal Bonds Transferred to<BR>
 Tender Option Bond Trusts (k)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN="CENTER"><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>California State University, Systemwide Revenue Bonds,<BR>
 Series A, 5%, 11/01/39 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT  SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>2,399</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT  SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>2,412,184</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Santa Clara County, California, Financing Authority, Lease
 <BR>
 Revenue Refunding Bonds, Series L, 5.25%, 5/15/36</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>8,005</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>8,138,738</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT  SIZE=1 FACE=ARIAL><B>Total Municipal
 Bonds Transferred to<BR>
 Tender Option Bond Trusts&#151;15.8%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>17,796,412</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT  SIZE=1 FACE=ARIAL><B>Total Long-Term
 Investments<BR>
 (Cost&#151;$179,998,709)&#151;162.6%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>182,557,507</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</TABLE>
<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>


<TR>
<TD VALIGN=TOP>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
</TD>
<TD VALIGN=TOP>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
</TD>
<TD VALIGN=TOP>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
</TD>
<TD VALIGN=TOP>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
</TD>
<TD VALIGN=TOP>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
</TD>
<TD VALIGN=TOP>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
</TD>
<TD VALIGN=TOP>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
</TD>
<TD VALIGN=TOP>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
</TD>
</TR>


<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Short-Term Securities</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Shares</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>CMA California Municipal Money Fund, 1.35%
(l)(m)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>244</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>244</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Short-Term Securities
 (Cost&#151;$244)&#151;0.0%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>244</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Investments
 (Cost&#151;$179,998,953*)&#151;162.6%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>182,557,751</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Other Assets Less Liabilities&#151;1.5%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>1,717,483</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT  SIZE=1 FACE=ARIAL><B>Liability for
 Trust Certificates,<BR>
 Including Interest Expense and Fees Payable&#151;(10.9)%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>(12,239,854</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT  SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Preferred Shares, at Redemption
 Value&#151;(53.2)%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>(59,772,632</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT  SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT FACE="ARIAL" SIZE="1"><B>Net Assets Applicable to Common
Shares&#151;100.0%</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT  SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>112,262,748</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>

<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>

<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>

<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>*</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>The cost and unrealized
 appreciation (depreciation of investments as of August 31, 2008, as computed
 for federal income tax purposes, were as follows:</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" style="margin-left:5%">
<TR style="font-size:1px">
<TD WIDTH="82%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT  SIZE=1 FACE=ARIAL>Aggregate cost</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT  SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>167,756,074</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT  SIZE=1 FACE=ARIAL>Gross unrealized appreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT  SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>4,937,428</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT  SIZE=1 FACE=ARIAL>Gross unrealized depreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>(2,320,050</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT  SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT  SIZE=1 FACE=ARIAL>Net unrealized appreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT  SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>2,617,378</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="94%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT  SIZE=1 FACE=ARIAL>(a)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT  SIZE=1 FACE=ARIAL>FSA Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT  SIZE=1 FACE=ARIAL>(b)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT  SIZE=1 FACE=ARIAL>Variable rate security. Rate
 shown is as of report date. Maturity shown is the final maturity date.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT  SIZE=1 FACE=ARIAL>(c)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT  SIZE=1 FACE=ARIAL>MBIA Insured. </FONT></P>
</TD>
</TR>


<TR>
<TD VALIGN=TOP>
<P><FONT  SIZE=1 FACE=ARIAL>(d)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT  SIZE=1 FACE=ARIAL>AMBAC Insured.</FONT></P>
</TD>
</TR>


<TR>
<TD VALIGN=TOP>
<P><FONT  SIZE=1 FACE=ARIAL>(e)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT  SIZE=1 FACE=ARIAL>Represents a zero-coupon bond.
 Rate shown reflects the effective yield at the time of purchase.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT  SIZE=1 FACE=ARIAL>(f)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT  SIZE=1 FACE=ARIAL>Security is collateralized by
 Municipal or U.S. Treasury Obligations.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT  SIZE=1 FACE=ARIAL>(g)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT  SIZE=1 FACE=ARIAL>U.S. government securities, held
 in escrow, are used to pay interest on this security as well as to retire the
 bond in full at the date indicated, typically at a premium to par.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT  SIZE=1 FACE=ARIAL>(h)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT  SIZE=1 FACE=ARIAL>FGIC Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT  SIZE=1 FACE=ARIAL>(i)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT  SIZE=1 FACE=ARIAL>Security represents a beneficial
 interest in a trust. The collateral deposited into the trust is federally
 tax-exempt revenue bonds issued by various state or local governments, or
 their respective agencies or authorities. The security is subject to
 remarketing prior to its stated maturity, and is subject to mandatory
 redemption at maturity.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT  SIZE=1 FACE=ARIAL>(j)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT  SIZE=1 FACE=ARIAL>Security exempt from registration
 under Rule 144A of the Securities Act of 1933. These securities may be resold
 in transactions exempt from registration to qualified institutional
 investors.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT  SIZE=1 FACE=ARIAL>(k)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT  SIZE=1 FACE=ARIAL>Securities represents bonds
 transferred to a tender option bond trust in exchange for which the Trust
 acquired residual interest certificates. These securities serve as collateral
 in a financing transaction. See Note 1 of the Notes to Financial Statements
 for details of municipal bonds transferred to tender option bond trusts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT  SIZE=1 FACE=ARIAL>(l)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT  SIZE=1 FACE=ARIAL>Represents the current yield as
 of report date.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT  SIZE=1 FACE=ARIAL>(m)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT  SIZE=1 FACE=ARIAL>Investments in companies
 considered to be an affiliate of the Trust, for purposes of Section 2(a)(3)
 of the Investment Company Act of 1940, were as follows:</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" style="margin-left:5%">
<TR style="font-size:1px">
<TD WIDTH="74%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Affiliate</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Net<BR>
 Activity</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Income</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT  SIZE=1 FACE=ARIAL>CMA California Municipal Money
 Fund</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN="CENTER"><FONT  SIZE=1 FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT  SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>1,952</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" style="margin-left:5%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Forward interest rate swaps
 outstanding as of August 31, 2008 were as follows:</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" style="margin-left:5%">
<TR style="font-size:1px">
<TD WIDTH="73%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Notional<BR>
 Amount<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Unrealized<BR>
 Depreciation</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Pay a fixed rate of 3.835% and receive a floating rate
 based <BR>
 on 1-week SIFMA Municipal Swap Index Rate<BR>
 Broker, JP Morgan Chase &amp; Co.<BR>
 Expires November 2028</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>3,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>(80,661</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Pay a fixed rate of 4.043% and receive a floating rate
 based <BR>
 on 1-week SIFMA Municipal Swap Index Rate<BR>
 Broker, Citibank N.A.<BR>
 Expires September 2038</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>5,900</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>(294,882</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>(375,543</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(n)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Security may have a maturity of
 more than one year at time of issuance, but has variable rate and demand
 features that qualify it as a short-term security.</FONT></P>
</TD>
</TR>
</table>

<BR>

<DIV><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></DIV>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:8px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT  SIZE=1 FACE=ARIAL>38</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>


<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
</TABLE>
<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=top>
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Schedule of Investments <FONT SIZE=2 COLOR=#1E5F95 FACE=ARIAL>August 31, 2008</FONT></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=#1E5F95 FACE=ARIAL><B>BlackRock Maryland Municipal Bond Trust (BZM)</B>
<BR><FONT SIZE=1 COLOR=#1E5F95 FACE=ARIAL><B>(Percentages shown are based on Net Assets)</B></FONT></FONT></P>
 </TD>
 </TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal Bonds</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL><B>Par<BR>
  (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>

<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL><B>Maryland&#151;114.2%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>Annapolis,
  Maryland, Special Obligation Revenue Bonds <BR>
  (Park Place Project), Series A, 5.35%, 7/01/34</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>420,775</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>Anne Arundel
  County, Maryland, EDR (Community College <BR>
  Project), 5.25%, 9/01/28</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>2,870</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>2,898,958</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>Baltimore County,
  Maryland, Metropolitan District, GO:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>67th Issue, 5%,
  6/01/22</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>2,080,440</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>68th Issue, 5%,
  8/01/28</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>2,023,340</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>Baltimore County,
  Maryland, Revenue Refunding Bonds <BR>
  (Oak Crest Village, Inc.), Series A, 5%, 1/01/37</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>898,220</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>Baltimore,
  Maryland, Special Obligation Tax Bonds <BR>
  (Harborview Lot Number 2), 6.50%, 7/01/31</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>978,950</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>Baltimore,
  Maryland, Wastewater Project Revenue Refunding <BR>
  Bonds, Series A (a):</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>5.20%, 7/01/32</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>3,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>3,514,245</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>5.125%, 7/01/42</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>2,001,160</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>Frederick County,
  Maryland, Special Obligation Tax Bonds <BR>
  (Urbana Community Development Authority),<BR>
  6.625%, 7/01/25</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>1,003,330</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>Howard County, Maryland,
  Retirement Community Revenue <BR>
  Refunding Bonds (Columbia Vantage House Corporation),<BR>
  Series A, 5.25%, 4/01/33</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>403,455</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>Maryland State
  Community Development Administration,<BR>
  Department of Housing and Community Development,<BR>
  Residential Revenue Bonds, AMT,<BR>
  Series H, 5.10%, 9/01/37</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>250</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>221,117</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>Maryland State
  Health and Higher Educational Facilities <BR>
  Authority Revenue Bonds:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>(Baltimore Board
  of Child Care), 5.375%, 7/01/32</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>2,013,280</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>(Carroll County
  General Hospital), 6%, 7/01/37</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>1,990</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>2,000,627</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>(Loyola College),
  5%, 10/01/39</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>1,947,600</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>(Union Hospital
  of Cecil County), 5.625%, 7/01/32</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>2,006,660</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT SIZE=1 FACE=ARIAL>(University of Maryland
  Medical System),<BR>
  5.25%, 7/01/11 (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>2,144,060</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>Maryland State
  Health and Higher Educational Facilities <BR>
  Authority, Revenue Refunding Bonds (Peninsula Regional <BR>
  Medical Center), 5%, 7/01/36</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>942,660</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>Maryland State
  Industrial Development Financing Authority,<BR>
  EDR (Our Lady of Good Counsel School),<BR>
  Series A, 6%, 5/01/35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>973,970</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>Maryland State
  Transportation Authority, Parking Revenue <BR>
  Bonds (Baltimore/Washington International Airport), AMT,<BR>
  Series B, 5.125%, 3/01/24 (c)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>1,920,400</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>Montgomery
  County, Maryland, Lease Revenue Bonds <BR>
  (Metrorail Garage Projects):</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>5%, 6/01/23</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>517,775</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>5%, 6/01/24</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>1,435</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>1,483,087</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>Prince Georges
  County, Maryland, Special Obligation Bonds <BR>
  (National Harbor Project), 5.20%, 7/01/34</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>1,275,510</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>33,669,619</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT FACE=ARIAL SIZE=1><B>Multi-State&#151;7.7%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>Charter Mac
  Equity Issuer Trust, 7.20%, 10/31/52 (d)(e)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>2,262,040</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal
  Bonds</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL><B>Par<BR>
  (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL><B>Puerto Rico&#151;20.4%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>Children&#146;s Trust
  Fund Project of Puerto Rico, Tobacco <BR>
  Settlement Revenue Refunding Bonds,<BR>
  5.50%, 5/15/39</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>1,360,440</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>Puerto Rico
  Commonwealth Highway and Transportation <BR>
  Authority, Highway Revenue Refunding Bonds,<BR>
  Series CC, 5.25%, 7/01/36 (f)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>2,595</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>2,679,857</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>Puerto Rico
  Commonwealth Highway and Transportation <BR>
  Authority, Transportation Revenue Refunding Bonds,<BR>
  Series D, 5.25%, 7/01/12 (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>1,623,720</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>Puerto Rico
  Public Buildings Authority, Government Facilities <BR>
  Revenue Refunding Bonds, Series D, 5.375%, 7/01/33</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>350</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>350,392</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>6,014,409</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL><B>Total
  Municipal Bonds&#151;142.3%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>41,946,068</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
</TABLE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal Bonds Transferred to <BR>
  Tender Option Bond Trusts (g)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT FACE=ARIAL SIZE=1><B>Maryland&#151;10.3%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>Maryland State
  Transportation Authority, Transportation <BR>
  Facilities Projects Revenue Bonds, 5%, 7/01/41 (f)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>2,999</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>3,044,910</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL><B>Total Municipal Bonds Transferred to
  <BR>
  Tender Option Bond Trusts&#151;10.3%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>3,044,910</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL><B>Total
  Long-Term Investments (Cost&#151;$44,657,135)&#151;152.6%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>44,990,978</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
</TABLE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL><B>Short-Term
  Securities</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL><B>Shares</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>Merrill Lynch
  Institutional Tax-Exempt Fund,<BR>
  1.84% (h)(i)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>2,103,426</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>2,103,426</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL><B>Total
  Short-Term Securities (Cost&#151;$2,103,426)&#151;7.1%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>2,103,426</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL><B>Total
  Investments (Cost&#151;$46,760,561*)&#151;159.7%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>47,094,404</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL><B>Other
  Assets Less Liabilities&#151;1.4%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>403,413</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL><B>Liability
  for Trust Certificates, Including Interest</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL><B>Expense
  and Fees Payable&#151;(6.8)%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>(2,004,813</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL><B>Preferred
  Shares, at Redemption Value&#151;(54.3)%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>(16,004,915</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL><B>Net
  Assets Applicable to Common Shares&#151;100.0%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>29,488,089</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>*</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>The cost and unrealized appreciation (depreciation)
  of investments as of August 31, 2008, as computed for federal income tax
  purposes, were as follows:</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" style="margin-left:5%">
<TR style="font-size:1px">
<TD WIDTH="83%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Aggregate cost</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>44,685,505</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Gross unrealized appreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>1,207,175</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Gross unrealized depreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>(796,776</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Net unrealized appreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>410,399</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>
<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(a)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>FGIC Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(b)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>U.S. government securities, held in escrow, are used
  to pay interest on this security as well as to retire the bond in full at the
  date indicated, typically at a premium to par.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(c)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>AMBAC Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(d)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Security exempt from registration under Rule 144A of
  the Securities Act of 1933. These securities may be resold in transactions
  exempt from registration to qualified institutional investors.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(e)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Security represents a beneficial interest in a trust.
  The collateral deposited into the trust is federally tax-exempt revenue bonds
  issued by various state or local governments, or their respective agencies or
  authorities. The security is subject to remarketing prior to its stated
  maturity, and is subject to mandatory redemption at maturity.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(f)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>FSA Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(g)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Securities represent bonds transferred to a tender
  option bond trust in exchange for which the Trust acquired residual interest
  certificates. These securities serve as collateral in a financing transaction.
  See Note 1 of the Notes to Financial Statements for details of municipal
  bonds transferred to tender options bond trusts.</FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>39</FONT></P>
 </TD>
 </TR>
</table>

<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
</TABLE>
<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=top>
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Schedule of Investments (concluded)</FONT></P>
 </TD>
 <TD VALIGN=top>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=#1E5F95 FACE=ARIAL><B>BlackRock Maryland Municipal Bond Trust (BZM)</B></FONT></P>
 </TD>
 </TR>
</table>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(h)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Investments in companies considered to be an
  affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment
  Company Act of 1940, were as follows:</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%"  style="margin-left:5%">
<TR style="font-size:1px">
<TD WIDTH="78%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL><B>Net</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Affiliate</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL><B>Activity</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 FACE=ARIAL><B>Income</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Merrill Lynch Institutional Tax-Exempt Fund</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>1,903,426</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>32,802</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(i)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Represents the current yield as of report date.</FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial
Statements.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>40</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>




<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<tr style="font-size:1px">
<TD WIDTH="50%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="50%" VALIGN=TOP>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
</TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Schedule of Investments <FONT size=2 COLOR="#1E5F95" FACE=ARIAL>August 31, 2008</FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 COLOR="#1E5F95" FACE=ARIAL><B>BlackRock New Jersey Municipal Bond Trust
 (BLJ)</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>(Percentages
 shown are based on Net Assets)</B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal Bonds</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>New
 Jersey&#151;126.3%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR >
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Garden
 State Preservation Trust of New Jersey,<BR>
 Capital Appreciation Revenue Bonds,<BR>
 Series B, 5.24%, 11/01/27 (a)(b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,563,520</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Middlesex
 County, New Jersey, Improvement Authority,<BR>
 Subordinate Revenue Bonds<BR>
 (Heldrich Center Hotel/Conference Project),<BR>
 Series B, 6.25%, 1/01/37</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>560</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>469,487</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR >
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New Jersey
 EDA, Cigarette Tax Revenue Bonds,<BR>
 5.75%, 6/15/34 (c)</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,952,540</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New Jersey
 EDA, EDR, Refunding (Kapkowski Road Landfill<BR>
 Reclamation Improvement District Project),<BR>
 6.50%, 4/01/28</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,250</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,272,252</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New Jersey
 EDA, First Mortgage Revenue Bonds<BR>
 (Lions Gate Project), Series A:</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.75%,
 1/01/25</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>150</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>138,409</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.875%,
 1/01/37</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>265</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>233,892</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New Jersey
 EDA, First Mortgage Revenue Refunding Bonds Series A:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Fellowship
 Village), 5.50%, 1/01/25</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,914,640</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(The
 Winchester Gardens at Ward Homestead Project),<BR>
 5.80%, 11/01/31</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,345,575</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New Jersey
 EDA, Mortgage Revenue Refunding Bonds<BR>
 (Victoria Health Corporation Project),<BR>
 Series A, 5.20%, 12/20/36 (d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,680</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,693,339</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New Jersey
 EDA, Retirement Community Revenue Refunding<BR>
 Bonds (Seabrook Village, Inc.), 5.25%, 11/15/26</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>470</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>405,737</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New Jersey
 EDA, Revenue Bonds (Newark Downtown District<BR>
 Management Corporation), 5.125%, 6/15/37</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>250</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>217,405</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New Jersey
 EDA, School Facilities Construction Revenue<BR>
 Bonds, Series U, 5%, 9/01/37 (e)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>505,420</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New Jersey
 EDA, Solid Waste Disposal Facilities Revenue<BR>
 Bonds (Waste Management Inc.), AMT,<BR>
 Series A, 5.30%, 6/01/15 (f)</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>955,120</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New Jersey
 EDA, Special Facility Revenue Bonds<BR>
 (Continental Airlines Inc. Project), AMT, 7%, 11/15/30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,335</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,889,108</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New Jersey
 Health Care Facilities Financing Authority,<BR>
 Health System Revenue Bonds (Catholic Health East),<BR>
 Series A, 5.375%, 11/15/12 (g)</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,215,140</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New Jersey
 Health Care Facilities<BR>
 Financing Authority Revenue Bonds:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Kennedy
 Health System), 5.625%, 7/01/31</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,009,180</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Meridian
 Health), Series I, 5%, 7/01/38 (h)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>250</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>245,795</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(South
 Jersey Hospital System), 6%, 7/01/12 (g)</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,790,125</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;


</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New Jersey
 Health Care Facilities Financing Authority,<BR>
 Revenue Refunding Bonds:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Atlantic
 City Medical Center), 5.75%, 7/01/12 (g)</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>890</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>985,239</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Atlantic
 City Medical Center), 5.75%, 7/01/25</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,110</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,136,718</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 FACE=ARIAL>(Hackensack University Medical
 Center),<BR>
 5.25%, 1/01/36 (h)</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>505,850</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 FACE=ARIAL>(Saint Barnabas Health Care
 System),<BR>
 Series B, 5.92%, 7/01/30 (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>105,875</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 FACE=ARIAL>(Saint Barnabas Health Care
 System),<BR>
 Series B, 5.72%, 7/01/36 (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,600</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>482,616</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 FACE=ARIAL>(Saint Barnabas Health Care
 System),<BR>
 Series B, 5.79%, 7/01/37 (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,600</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>445,284</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 FACE=ARIAL>(South Jersey Hospital System), 5%,
 7/01/46</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>458,790</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New Jersey
 State Educational Facilities<BR>
 Authority Revenue Bonds:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Fairleigh
 Dickinson University), Series D, 6%, 7/01/25</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,013,700</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 FACE=ARIAL>(Georgian Court College Project),<BR>
 Series C, 6.50%, 7/01/13 (g)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>630</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>735,084</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal Bonds</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>New Jersey (concluded)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New Jersey
 State Educational Facilities Authority,<BR>
 Revenue Refunding Bonds:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Fairleigh
 Dickinson University), Series C, 6%, 7/01/20</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,033,660</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Fairleigh
 Dickinson University), Series C, 5.50%, 7/01/23</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>497,455</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Georgian
 Court University), Series D, 5%, 7/01/33</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>150</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>138,750</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Rowan
 University), Series B, 5%, 7/01/24 (h)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>523,720</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New Jersey
 State Housing and Mortgage Finance Agency,<BR>
 S/F Housing Revenue Refunding Bonds,<BR>
 AMT, Series T, 4.70%, 10/01/37</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>250</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>204,640</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New Jersey
 State Transportation Trust Fund Authority,<BR>
 Transportation System Revenue Bonds,<BR>
 Series C, 4.666%, 12/15/32 (a)(b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,250</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>344,663</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Port
 Authority of New York and New Jersey, Consolidated<BR>
 Revenue Bonds, AMT, 126th Series, 5.25%, 5/15/37 (i)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,250</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,213,753</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Port
 Authority of New York and New Jersey, Consolidated<BR>
 Revenue Refunding Bonds:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>125th
 Series, 5%, 4/15/32 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,525,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>153rd
 Series, 5%, 7/15/35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>325</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>330,304</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>AMT, 152nd
 Series, 5.25%, 11/01/35</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>630</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>631,373</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Port
 Authority of New York and New Jersey,<BR>
 Special Obligation Revenue Bonds (Continental<BR>
 Airlines, Inc.&#151;LaGuardia Project),<BR>AMT, 9.125%, 12/01/15</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>125</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>125,444</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Rahway
 Valley Sewerage Authority, New Jersey, Sewer<BR>
 Revenue Bonds, CABS,<BR>
 Series A, 4.36%, 9/01/33 (b)(j)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>650</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>167,785</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Salem
 County, New Jersey, Improvement Authority<BR>
 Revenue Bonds (Finlaw State Office Building Project),<BR>
 5.25%, 8/15/38 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>100</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>103,686</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Tobacco
 Settlement Financing Corporation of New Jersey,<BR>
 Asset-Backed Revenue Refunding Bonds,<BR>
 6.125%, 6/01/12 (g)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,100</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,237,412</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Vineland,
 New Jersey, Electric Utility, GO, Refunding, AMT (j):<BR>
 5.30%, 5/15/29</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>961,980</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.375%,
 5/15/32</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,439,715</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>41,165,680</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Multi-State&#151;7.0%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Charter Mac
 Equity Issuer Trust, 7.20%, 10/31/52 (k)(l)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,262,040</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#002F65" FACE=ARIAL><B>Puerto Rico&#151;20.0%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Puerto Rico
 Commonwealth Highway and Transportation<BR>
 Authority Highway Revenue Refunding Bonds,<BR>
 Series CC, 5.50%, 7/01/31 (h)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,066,140</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Puerto Rico
 Commonwealth Highway and Transportation<BR>
 Authority Transportation Revenue Refunding Bonds,<BR>
 Series D, 5.25%, 7/01/12 (g)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,164,960</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Puerto Rico
 Commonwealth Infrastructure Financing<BR>
 Authority, Special Tax and Capital Appreciation<BR>
 Revenue Bonds, Series A (b)(e):</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>4.34%,
 7/01/37</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,750</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>334,775</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>4.51%,
 7/01/43</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>132,920</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Puerto Rico
 Electric Power Authority,<BR>
 Power Revenue Bonds, Series II, 5.25%, 7/01/12 (g)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,750</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,940,278</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Puerto Rico
 Housing Financing Authority,<BR>
 Capital Funding Program, Subordinate<BR>
 Revenue Refunding Bonds, 5.125%, 12/01/27</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>265</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>260,996</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Puerto Rico
 Public Buildings Authority, Government<BR>
 Facilities Revenue Refunding Bonds,<BR>
 Series D, 5.25%, 7/01/27</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>615</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>611,316</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,511,385</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Municipal Bonds&#151;153.3%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>49,939,105</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<P><FONT SIZE=1 FACE=ARIAL>See Notes
to Financial Statements.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>41</FONT></P>
 </TD>
 </TR>
</table>

<BR>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="50%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="50%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=4  COLOR="#1E5F95"FACE=ARIAL>Schedule of Investments <FONT size=2 COLOR="#1E5F95" FACE=ARIAL>August 31, 2008</FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 COLOR="#1E5F95" FACE=ARIAL><B>BlackRock New Jersey Municipal Bond Trust
 (BLJ)</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>(Percentages
 shown are based on Net Assets)</B></FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Municipal Bonds Transferred to<BR>
 Tender Option Bond Trusts (l)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR="#002F65" FACE=ARIAL><B>New
 Jersey&#151;4.9%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New Jersey
 State Educational Facilities Authority,<BR>
 Revenue Refunding Bonds (College of New Jersey),<BR>
 Series D, 5%, 7/01/35 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,020</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,038,992</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Port
 Authority of New York and New Jersey, Consolidated<BR>
 Revenue Refunding Bonds, AMT, 152nd<BR>
 Series, 5.75%, 11/01/30</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>525</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>549,533</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Total Municipal Bonds Transferred to<BR>
 Tender Option Bond Trusts&#151;4.9%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,588,525</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Long-Term Investments (Cost
- -$51,626,228)&#151;158.2%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>51,527,630</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>


<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
 <TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>

<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Short-Term Securities</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Shares</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>CMA New Jersey Municipal Money Fund, 1.50% (n)(o)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN="CENTER"><FONT SIZE=1  FACE=ARIAL>828,207</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>828,207</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Total Short-Term Securities
 (Cost&#151;$828,207)&#151;2.5%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>828,207</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="8" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL><B>Total Investments
 (Cost&#151;$52,454,435*)&#151;160.7%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>52,355,837</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Other Assets Less Liabilities&#151;1.5%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>471,584</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL><B>Liability for Trust Certificates,<BR>
 Including Interest Expense and Fees Payable&#151;(3.2)%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,033,992</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Preferred Shares, at Redemption
 Value&#151;(59.0)%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(19,209,618</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL><B>Net Assets Applicable to Common
 Shares&#151;100.0%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>32,583,811</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>*</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>The cost and unrealized appreciation (depreciation) of
 investments as of August 31, 2008, as computed for federal income tax
 purposes, were as follows:</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" Style="margin-left:5%">
<TR style="font-size:1px">
<TD WIDTH="64%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Aggregate cost</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>51,295,159</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Gross unrealized appreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,111,851</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Gross unrealized depreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,081,173</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Net unrealized appreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>30,678</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(a)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>FSA Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(b)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Represents a zero-coupon bond. Rate shown reflects the
 effective yield at the time of purchase.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(c)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Radian Insured. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(d)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>GNMA Collateralized. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(e)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>AMBAC Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(f)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Variable rate security. Rate shown is as of report date.
 Maturity shown is the final maturity date.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(g)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>U.S. government securities, held in escrow, are used to
 pay interest on this security as well as to retire the bond in full at the
 date indicated, typically at a premium to par.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(h)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Assured Guaranty Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(i)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>FGIC Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(j)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>MBIA Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(k)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Security exempt from registration under Rule 144A of the
 Securities Act of 1933. These securities may be resold in transactions exempt
 from registration to qualified institutional investors.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(l)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Security represents a beneficial interest in a trust. The
 collateral deposited into the trust is federally tax-exempt revenue bonds
 issued by various state or local governments, or their respective agencies or
 authorities. The security is subject to remarketing prior to its stated
 maturity and is subject to mandatory redemption at maturity.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(m)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Securities represent bonds transferred to a tender option
 bond trust in exchange for which the Trust acquired residual interest
 certificates. These securities serve as collateral in a financing
 transaction. See Note 1 of the Notes to Financial Statements for details of
 municipal bonds transferred to tender option bond trusts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(n)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Represents the current yield as of report date.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(o)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Investments in companies considered to be an affiliate of
 the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of
 1940, were as follows:</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" Style="margin-left:5%">
<TR style="font-size:1px">
<TD WIDTH="73%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Affiliate</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Net
 Activity</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Income</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>CMA New Jersey Municipal Money Fund</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>320,834</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>21,492</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<P><FONT SIZE=1 FACE=ARIAL>See Notes
to Financial Statements.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>42</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="60%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="40%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Schedule of Investments <FONT size=2 FACE=ARIAL>August 31, 2008</FONT></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=#1E5F95 FACE=ARIAL><B>BlackRock New York Insured Municipal Income Trust
 (BSE)</B></FONT><BR><FONT SIZE=1  COLOR=#1E5F95 FACE=ARIAL><B>(Percentages shown are based on Net
 Assets)</B></FONT></P>
 </TD>
 </TR>
</table>

<BR>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal Bonds</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR  bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:4.65PT;'><FONT SIZE=1 FACE=ARIAL COLOR=#1E5F95><B>New York&#151;120.6%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Herkimer
 County, New York, IDA, Civic Facility Revenue <BR>
 Bonds (Herkimer College Foundation Inc.), <BR>
 6.25%, 8/01/34</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>994,850</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Hudson
 Yards Infrastructure Corporation, New York, Revenue <BR>
 Bonds, Series A, 5%, 2/15/47 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,892,360</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Long Island
 Power Authority, New York, Electric System <BR>
 Revenue Refunding Bonds, Series F, 4.25%, 5/01/33 (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,415</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,239,950</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Metropolitan
 Transportation Authority, New York, Revenue <BR>
 Refunding Bonds (a):</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series A,
 5.25%, 11/15/31</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,250</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,278,347</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series E,
 5.25%, 11/15/31</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,660</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,682,743</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Metropolitan
 Transportation Authority, New York, Service <BR>
 Contract Revenue Refunding Bonds,<BR>
 Series A, 5%, 7/01/30 (c)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,058,300</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, City IDA, PILOT Revenue Bonds:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Queens
 Baseball Stadium Project), 5%, 1/01/46 (c)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,725</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,578,868</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Yankee
 Stadium Project), 4.75%, 3/01/46 (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>925,920</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Yankee
 Stadium Project), 5%, 3/01/46 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>650</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>621,328</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, City Municipal Water Finance <BR>
 Authority, Second General Resolution, Water and Sewer <BR>
 System, Revenue Refunding Bonds (d):</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series A,
 4.75%, 6/15/37</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,385</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,355,112</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series DD,
 4.75%, 6/15/36</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,035</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,991,817</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, City Municipal Water Finance <BR>
 Authority, Water and Sewer System Revenue Bonds,<BR>
 Series A, 4.25%, 6/15/39 (d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,347,930</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, City Transitional Finance Authority,<BR>
 Future Tax Secured, Revenue Refunding Bonds, Series B (c):</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5%,
 11/01/11 (e)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>235</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>256,451</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5%, 5/01/30</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,765</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,820,748</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>

<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, GO, Refunding, VRDN,<BR>
 Series H, Sub-Series H-3, 2.50%, 8/01/19 (d)(f)(n)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>350</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>350,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, IDA, Civic Facility Revenue Bonds <BR>
 (Lycee Francais de New York Project),<BR>
 Series A, 5.375%, 6/01/23 (g)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,313,600</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, Sales Tax Asset Receivable <BR>
 Corporation Revenue Bonds,<BR>
 Series A, 5%, 10/15/32 (c)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,094,560</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, Trust for Cultural Resources <BR>
 Revenue Refunding Bonds (American Museum of <BR>
 Natural History), Series A, 5%, 7/01/44 (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,100</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,110,004</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 Convention Center Development Corporation,<BR>
 New York, Revenue Bonds (Hotel Unit Fee Secured),<BR>
 5%, 11/15/44 (c)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,175</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,983,714</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 State Dormitory Authority, Hospital Revenue <BR>
 Bonds (Lutheran Medical Center), 5%, 8/01/31 (b)(h)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,924,400</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 State Dormitory Authority, Hospital Revenue <BR>
 Refunding Bonds (New York and Presbyterian Hospital),<BR>
 5%, 8/01/32 (c)(h)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,924,350</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 State Dormitory Authority, Lease Revenue Bonds <BR>
 (State University Dormitory Facilities), 5%, 7/01/37 (c)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>504,950</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 State Dormitory Authority, Mortgage Hospital <BR>
 Revenue Bonds (Saint Barnabas Hospital),<BR>
 Series A, 5%, 2/01/31 (c)(h)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,935,920</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 State Dormitory Authority, Non-State Supported <BR>
 Debt, Lease Revenue Bonds (Municipal Health <BR>
 Facilities Improvement Program), Sub-Series 2-5,<BR>
 5%, 1/15/32</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>700</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>697,095</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal Bonds</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:4.65PT;'><FONT SIZE=1 FACE=ARIAL COLOR=#1E5F95><B>New York (concluded)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 State Dormitory Authority, Non-State Supported <BR>
 Debt Revenue Bonds (Fordham University),<BR>
 Series B, 5%, 7/01/38 (i)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>250</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>252,305</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 State Dormitory Authority, Non-State Supported <BR>
 Debt, Revenue Refunding Bonds:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT SIZE=1 FACE=ARIAL>(Mount Sinai School of Medicine of
 New York University),<BR>
 5%, 7/01/35 (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,459,900</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT SIZE=1 FACE=ARIAL>(School District Financing
 Program),<BR>
 Series A, 5%, 10/01/35 (d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,015,800</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 State Dormitory Authority Revenue Bonds:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Brooklyn
 Law School), Series B, 5.125%, 7/01/30 (j)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,007,360</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>(Fashion Institute of Technology
 Student Housing <BR>
 Corporation), 5.125%, 7/01/14 (a)(e)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,774,025</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(New York
 University), Series 2, 5%, 7/01/41 (c)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,016,030</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(SS Joachim
 and Anne Residence), 5.25%, 7/01/27</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,020,490</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>(School Districts Financing
 Program),<BR>
 Series D, 5%, 10/01/30 (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,510,115</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 State Dormitory Authority, Revenue <BR>
 Refunding Bonds, Series A:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(School
 District Financing Program), 5%, 4/01/31 (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,005,040</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Winthrop
 S. Nassau University), 5.25%, 7/01/31 (c)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,015,740</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 State Dormitory Authority, State Supported Debt <BR>
 Revenue Bonds (Mental Health Services Facilities),</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series A,
 5%, 2/15/33 (d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,100</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,105,984</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 State, GO, Series A, 4.125%, 3/01/37 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>120</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>103,811</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>TSASC,
 Inc., New York, TFABS, Series 1, 5.75%, 7/15/12 (e)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,792,150</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>108,962,067</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL COLOR=#1E5F95><B>Puerto Rico&#151;16.1%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Puerto Rico
 Commonwealth Aqueduct and Sewer Authority,<BR>
 Senior Lien Revenue Bonds,<BR>
 Series A, 5.125%, 7/01/47 (i)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,925</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,891,736</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Puerto Rico
 Commonwealth Highway and Transportation <BR>
 Authority, Highway Revenue Refunding Bonds,<BR>
 Series CC (d):</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.50%,
 7/01/31</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,066,140</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.25%,
 7/01/34</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,028,620</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.25%,
 7/01/36</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,032,700</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>

<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Puerto Rico
 Electric Power Authority, Power Revenue <BR>
 Refunding Bonds, Series SS, 5%, 7/01/25 (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>982,070</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Puerto Rico
 Housing Financing Authority, Capital Funding <BR>
 Program, Subordinate Revenue Refunding Bonds,<BR>
 5.125%, 12/01/27</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>984,890</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Puerto Rico
 Industrial, Tourist, Educational, Medical and <BR>
 Environmental Control Facilities Revenue Bonds <BR>
 (University Plaza Project), Series A, 5%, 7/01/33 (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>968,150</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Puerto Rico
 Industrial, Tourist, Educational, Medical and <BR>
 Environmental Control Facilities, Revenue Refunding <BR>
 Bonds (Polytechnic University),<BR>
 Series A, 5%, 8/01/32 (g)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,436,360</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Puerto Rico
 Municipal Finance Agency, GO,<BR>
 Series A, 5%, 8/01/30 (d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,001,700</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Puerto Rico
 Municipal Finance Agency Revenue Bonds,<BR>
 Series A, 5.25%, 8/01/20 (d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,093,860</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14,486,226</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Municipal Bonds&#151;136.7%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>123,448,293</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>

</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="25%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT  SIZE=1 FACE=ARIAL>43</FONT></P>
 </TD>
 </TR>
</table>
<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="60%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="40%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Schedule of Investments (concluded)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=#1E5F95 FACE=ARIAL><B>BlackRock New York Insured Municipal Income Trust
 (BSE)</B></FONT><BR><FONT SIZE=1  COLOR=#1E5F95 FACE=ARIAL><B>(Percentages shown are based on Net
 Assets)</B></FONT></P>
 </TD>
 </TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal Bonds Transferred to<BR>
 Tender Option Bond Trusts (k)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:4.65PT;'><FONT SIZE=1 FACE=ARIAL COLOR=#1E5F95><B>New York&#151;24.0%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Long Island
 Power Authority, New York, Electric System <BR>
 Revenue Refunding Bonds, Series B, 5%, 12/01/35 (d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,004</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,017,223</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Metropolitan
 Transportation Authority, New York, Revenue <BR>
 Refunding Bonds, Series A, 5%, 11/15/30 (d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,087</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,162,463</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, City Transitional Finance Authority,<BR>
 Building Aid Revenue Bonds, Series S-2,<BR>
 5%, 1/15/37 (a)(d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,005</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,017,985</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 State Thruway Authority, General Revenue <BR>
 Refunding Bonds, Series H, 5%, 1/01/37 (a)(d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,005</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,061,430</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Triborough
 Bridge and Tunnel Authority, New York, Revenue <BR>
 Refunding Bonds, 5%, 11/15/32 (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,404</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,431,391</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Municipal Bonds Transferred to <BR>
 Tender Option Bond Trusts&#151;24.0%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>21,690,492</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Long-Term Investments
(Cost&#151;$146,586,019)&#151;160.7%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>145,138,785</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR><TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

 <TR>
<TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Short-Term Securities</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Shares</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR><TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>CMA New
 York Municipal Money Fund, 1.31% (l)(m)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>300</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>300</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR><TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Short-Term Securities
(Cost&#151;$300)&#151;0.0%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>300</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR><TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Investments
(Cost&#151;$146,586,319*)&#151;160.7%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>145,139,085</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Other Assets Less Liabilities&#151;1.4%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,287,454</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Liability for Trust Certificates, Including
Interest</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Expense and Fees Payable&#151;(16.0)%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(14,407,586</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM >
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Preferred Shares, at Redemption
Value&#151;(46.1)%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(41,687,803</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Net Assets Applicable to Common
Shares&#151;100.0%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>90,331,150</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>*</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>The cost and unrealized appreciation (depreciation) of
 investments as of August 31, 2008, as computed for federal income tax
 purposes, were as follows:</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="77%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Aggregate cost</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>132,392,479</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Gross unrealized appreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,066,501</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Gross unrealized depreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,654,930</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Net unrealized depreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,588,429</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(a)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>FGIC Insured. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(b)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>MBIA Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(c)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>AMBAC Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(d)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>FSA Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(e)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>U.S. government securities, held in escrow, are used to
 pay interest on this security as well as to retire the bond in full at the
 date indicated, typically at a premium to par.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(f)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Variable rate security. Rate shown is as of report date.
 Maturity shown is the final maturity date.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(g)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>ACA Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(h)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>FHA Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(i)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Assured Guaranty Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(j)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>XL Capital Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(k)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Securities represents bonds transferred to a tender option
 bond trust in exchange for which the Trust acquired residual interest
 certificates. These securities serve as collateral in a financing
 transaction. See Note 1 of the Notes to Financial Statements for details of
 municipal bonds transferred to tender option bond trusts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(l)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Represents the current yield as of report date.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(m)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Investments in companies considered to be an affiliate of
 the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of
 1940, were as follows:</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="70%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="8%" COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Affiliate</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Net
 Activity</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Income</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>CMA New York Municipal Money Fund</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$ 6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(n)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Security may have a maturity of more than one year at time
 of issuance, but has variable rate and demand features that qualify it as a
 short-term security.</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1 FACE=ARIAL>44</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="64%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="18%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="18%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Schedule of Investments</FONT>
<font size=2 COLOR="#1E5F95" FACE=ARIAL>August 31, 2008</FONT></P>
 </TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM nowrap>
<P align=right><FONT FACE="ARIAL" SIZE="2" COLOR="#1E5F95"><B>BlackRock New York Municipal Bond Trust (BQH)</B> </FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>(Percentages shown are based on Net Assets)</B> </FONT></P>
</TD>
</TR>
</table>

<BR>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal Bonds</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP>
<P><FONT SIZE=1 COLOR="#1E5F95"  FACE=ARIAL><B>New
 York&#151;124.5%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px" bgcolor=#E7ECF6>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Albany, New
 York, IDA, Civic Facility Revenue Bonds (New <BR>
 Covenant Charter School Project), Series A:</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>7%, 5/01/25</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>200</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>156,590</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>7%, 5/01/35</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>130</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>98,563</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dutchess
 County, New York, IDA, Civic Facility Revenue Bonds <BR>
 (Vassar College Project), 5.35%, 8/01/11 (a)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,095,860</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dutchess
 County, New York, IDA, Civic Facility Revenue Refunding <BR>
 Bonds (Bard College), Series A-2, 4.50%, 8/01/36</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>451,445</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Genesee
 County, New York, IDA, Civic Facility Revenue <BR>
 Refunding Bonds (United Memorial Medical Center <BR>
 Project), 5%, 12/01/27</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>150</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>124,750</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Hudson
 Yards Infrastructure Corporation, New York, Revenue Bonds, Series A:</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>4.50%,
 2/15/47 (b)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>865,280</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5%, 2/15/47
 (c)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>482,060</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Metropolitan
 Transportation Authority, New York, Revenue Refunding Bonds, Series A:</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5%,
 11/15/25 (c)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>250</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>250,735</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.125%,
 11/15/31</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,008,220</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Metropolitan
 Transportation Authority, New York, Transportation <BR>
 Revenue Refunding Bonds, Series F, 5%, 11/15/35</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,250</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,228,012</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, City Health and Hospital Corporation,<BR>
 Health System Revenue Bonds, Series A, 5.375%, 2/15/26</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,100</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,106,622</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, City Housing Development <BR>
 Corporation, M/F Housing Revenue Bonds, AMT,<BR>
 Series A, 5.50%, 11/01/34</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,338,900</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, City IDA, PILOT Revenue Bonds:</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Queens
 Baseball Stadium Project), 5%, 1/01/39 (d)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>250</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>242,765</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Queens
 Baseball Stadium Project), 5%, 1/01/46 (d)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>150</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>144,115</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Yankee
 Stadium Project), 5%, 3/01/46 (c)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>477,945</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, City IDA, Special Facility Revenue Bonds, AMT (e):</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT SIZE=1 FACE=ARIAL>(American Airlines, Inc.&#151;JFK
 International Airport),<BR>
 7.625%, 8/01/25</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>750</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>675,038</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Continental
 Airlines Inc. Project), 7.75%, 8/01/31</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>892,670</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, City Municipal Water Finance <BR>
 Authority, Second General Resolution, Water and Sewer <BR>
 System Revenue Bonds, Series AA, 4.50%, 6/15/37 (b)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>250</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>233,180</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, City Municipal Water Finance Authority, Water and Sewer
 System Revenue Bonds, Series A:</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.25%,
 6/15/11 (a)(c)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,703,425</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>4.25%,
 6/15/33</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>250</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>227,643</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, City Transitional Finance Authority,<BR>
 Building Aid Revenue Refunding Bonds, Series S-1, 4.50%,<BR>
 1/15/38</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>250</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>232,663</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, GO, Series D, 5.375%, 6/01/32</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,040</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,074,517</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, IDA, Civic Facility Revenue Bonds <BR>
 (Lycee Francais de New York Project), Series A, 5.50%,<BR>
 6/01/15 (f)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>250</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>251,578</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 Convention Center Development Corporation,<BR>
 New York, Revenue Bonds (Hotel Unit Fee Secured),<BR>
 5%, 11/15/44 (d)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>973,340</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 Counties Tobacco Trust III, Tobacco Settlement <BR>
 Pass-Through Bonds, 6%, 6/01/43</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,445</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,429,221</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 Liberty Development Corporation Revenue Bonds <BR>
 (National Sports Museum Project), Series A,<BR>
 6.125%, 2/15/19</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>385</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>340,698</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>

</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal Bonds</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95"  FACE=ARIAL><B>New York (concluded)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px"bgcolor=#E7ECF6>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 State Dormitory Authority, Consolidated Fourth <BR>
 General Resolution Revenue Bonds (City University <BR>
 System), Series A, 5.25%, 7/01/11 (a)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,215</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,396,054</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 State Dormitory Authority, Non-State Supported <BR>
 Debt, Lease Revenue Bonds (Municipal Health Facilities <BR>
 Improvement Program), Sub-Series 2-4, 4.75%, 1/15/30</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>486,875</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 State Dormitory Authority, Non-State Supported Debt Revenue Bonds, Series B:</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Fordham
 University), 5%, 7/01/38 (g)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>250</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>252,305</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Manhattan
 College), 5.30%, 7/01/37 (h)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>200</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>197,366</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(New York
 University Hospitals Center), 5.625%, 7/01/37</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>260</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>252,790</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 State Dormitory Authority, Non-State Supported <BR>
 Debt, Revenue Refunding Bonds:</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT SIZE=1 FACE=ARIAL>(Mount Sinai School of Medicine of
 New York University),<BR>
 5%, 7/01/35 (b)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>150</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>147,594</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT SIZE=1 FACE=ARIAL>(School Districts Financing
 Program), Series B,<BR>
 5%, 4/01/36 (i)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>507,210</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;


</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 State Dormitory Authority Revenue Bonds:</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Iona
 College), 5.125%, 7/01/32 (j)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,457,600</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Willow
 Towers Inc. Project), 5.40%, 2/01/34 (k)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,570,900</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 State Dormitory Authority, State Supported Debt <BR>
 Revenue Bonds (Mental Health Services Facilities),<BR>
 Series B, 5%, 2/15/33 (i)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>350</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>352,177</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 State Environmental Facilities Corporation, State <BR>
 Clean Water and Drinking Revenue Refunding Bonds <BR>
 (New York City Water Project), Series D, 5.125%, 6/15/31</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,750</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,790,947</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 State Urban Development Corporation, Personal <BR>
 Income Tax Revenue Bonds:</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series A,
 5.25%, 3/15/12 (a)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,475,300</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series B,
 5%, 3/15/37</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,012,460</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(State
 Facilities), Series A-1, 5.25%, 3/15/34 (c)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>100</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>102,141</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Port
 Authority of New York and New Jersey, Consolidated <BR>
 Revenue Bonds, AMT, 126th Series, 5.25%, 5/15/37 (c)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,750</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,705,698</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Port
 Authority of New York and New Jersey, Special Obligation <BR>
 Revenue Bonds (Continental Airlines, Inc.&#151;LaGuardia <BR>
 Project), AMT, 9.125%, 12/01/15</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,475</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,483,786</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Saratoga
 County, New York, IDA, Civic Facility Revenue Bonds <BR>
 (The Saratoga Hospital Project), Series B, 5.25%, 12/01/32</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>200</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>188,758</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Suffolk
 County, New York, IDA, Continuing Care and <BR>
 Retirement, Revenue Refunding Bonds (Jeffersons Ferry <BR>
 Project), 5%, 11/01/28</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>260</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>232,929</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Suffolk
 County, New York, IDA, IDR (Keyspan-Port Jefferson),<BR>
 AMT, 5.25%, 6/01/27</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>465,520</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>TSASC,
 Inc., New York, TFABS, Series 1, 5.75%, 7/15/12 (a)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,350,580</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>50,534,825</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95"  FACE=ARIAL><B>Multi-State&#151;7.0%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px" bgcolor=#E7ECF6>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Charter Mac
 Equity Issuer Trust, 7.20%, 10/31/52 (l)(m)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,827,550</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95"  FACE=ARIAL><B>Guam&#151;0.4%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px" bgcolor=#E7ECF6>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Guam
 Economic Development and Commerce Authority,<BR>
 Tobacco Settlement Asset-Backed Revenue Refunding <BR>
 Bonds, 5.625%, 6/01/47</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>200</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>185,506</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95"  FACE=ARIAL><B>Puerto Rico&#151;17.3%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px" bgcolor=#E7ECF6>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Children&#146;s
 Trust Fund Project of Puerto Rico, Tobacco <BR>
 Settlement Revenue Refunding Bonds, 5.625%, 5/15/43</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>464,160</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Puerto Rico
 Commonwealth Highway and Transportation <BR>
 Authority, Transportation Revenue Refunding Bonds,<BR>
 Series D, 5.25%, 7/01/12 (a)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>750</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>811,860</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="25%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT  SIZE=1 FACE=ARIAL>45</FONT></P>
 </TD>
 </TR>
</table>
<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="64%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="18%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="18%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Schedule
of Investments (concluded)</FONT></P>
 </TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
 <TD VALIGN=BOTTOM nowrap>
<P align=right><FONT FACE="ARIAL" SIZE="2" COLOR="#1E5F95"><B>BlackRock New York Municipal Bond Trust (BQH)</B> </FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="1" COLOR="#1E5F95"><B>(Percentages shown are based on Net Assets)</B> </FONT></P>
</TD>
</TR>
</table>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Municipal Bonds</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95"  FACE=ARIAL><B>Puerto
Rico&#151;(concluded)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px" bgcolor=#E7ECF6>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Puerto Rico
 Commonwealth Infrastructure Financing Authority,<BR>
 Special Tax and Capital Appreciation Revenue Bonds, <BR>
 Series A (d)(n):</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>4.34%,
 7/01/37</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>382,600</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.009%,
 7/01/44</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>249,920</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Puerto Rico
 Commonwealth, Public Improvement, GO, Series A,<BR>
 5.125%, 7/01/31</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,825</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,785,215</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Puerto Rico
 Housing Financing Authority, Capital Funding <BR>
 Program, Subordinate Revenue Refunding Bonds, 5.125%,<BR>
 12/01/27</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>492,445</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Puerto Rico
 Public Buildings Authority, Government Facilities<BR> Revenue Refunding Bonds, Series D:</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.25%,
 7/01/12 (a)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,980</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,135,113</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.25%,
 7/01/27</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>720</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>715,687</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,037,000</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Municipal Bonds&#151;149.2%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>60,584,881</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL><B>Municipal Bonds Transferred to <BR>
 Tender Option Bond Trusts (o)</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 STYLE="padding:3pt">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95"  FACE=ARIAL><B>New York&#151;6.1%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px" bgcolor=#E7ECF6>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 State Mortgage Agency Revenue Bonds, AMT,<BR>
 Series 101, 5.40%, 4/01/32</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,684</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,488,035</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL><B>Total Municipal Bonds Transferred to <BR>
 Tender Option Bond Trusts&#151;6.1%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,488,035</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Long-Term Investments
(Cost&#151;$61,865,746)&#151;155.3%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>63,072,916</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
 <TD COLSPAN="8" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Short-Term Securities</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Shares</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>CMA New
 York Municipal Money Fund, 1.31% (p)(q)</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,128,594</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,128,594</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Short-Term Securities
(Cost&#151;$1,128,594)&#151;2.8%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,128,594</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Investments
(Cost&#151;$62,994,340*)&#151;158.1%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>64,201,510</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Other Assets Less Liabilities&#151;1.5%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>608,374</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL><B>Liability for Trust Certificates,
 Including Interest <BR>
 Expense and Fees Payable&#151;(4.4)%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,796,848</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Preferred Shares, at Redemption
Value&#151;(55.2)%</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(22,410,097</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
</TR>
<TR>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Net Assets Applicable to Common
Shares&#151;100.0%</B></FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>40,602,939</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>*</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>The cost and unrealized appreciation (depreciation) of
 investments as of August 31, 2008, as computed for federal income tax
 purposes, were as follows:</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="61%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Aggregate cost</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>61,113,535</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Gross unrealized appreciation</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,576,602</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Gross unrealized depreciation</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,277,371</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Net unrealized appreciation</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,299,231</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-top:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 2px">&nbsp;
</TD>
</TR>
</table>

<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" COLSPAN="8" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(a)</FONT></P>
</TD>
<TD COLSPAN="8" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>U.S. government securities, held in escrow, are used to
 pay interest on this security as well as to retire the bond in full at the
 date indicated, typically at a premium to par.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(b)</FONT></P>
</TD>
<TD COLSPAN="8" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>MBIA Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(c)</FONT></P>
</TD>
<TD COLSPAN="8" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>FGIC Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(d)</FONT></P>
</TD>
<TD COLSPAN="8" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>AMBAC Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(e)</FONT></P>
</TD>
<TD COLSPAN="8" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Variable rate security. Rate shown is as of report date.
 Maturity shown is final maturity date.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(f)</FONT></P>
</TD>
<TD COLSPAN="8" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>ACA Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(g)</FONT></P>
</TD>
<TD COLSPAN="8" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Assured Guaranty Insured. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(h)</FONT></P>
</TD>
<TD COLSPAN="8" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Radian Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(i)</FONT></P>
</TD>
<TD COLSPAN="8" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>FSA Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(j)</FONT></P>
</TD>
<TD COLSPAN="8" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>XL Capital Insured. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(k)</FONT></P>
</TD>
<TD COLSPAN="8" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>GNMA Collateralized.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(l)</FONT></P>
</TD>
<TD COLSPAN="8" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Security represents a beneficial interest in a trust. The
 collateral deposited into the trust is federally tax-exempt revenue bonds
 issued by various state or local governments, or their respective agencies or
 authorities. The security is subject to remarketing prior to its stated
 maturity, and is subject to mandatory redemption at maturity.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(m)</FONT></P>
</TD>
<TD COLSPAN="8" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Security exempt from registration under Rule 144A of the
 Securities Act of 1933. These securities may be resold in transactions exempt
 from registration to qualified institutional investors.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(n)</FONT></P>
</TD>
<TD COLSPAN="8" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Represents a zero-coupon bond. Rate shown reflects the
 effective yield at the time of purchase.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(o)</FONT></P>
</TD>
<TD COLSPAN="8" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Securities represents bonds transferred to a tender option
 bond trust in exchange for which the Trust acquired residual interest
 certificates. These securities serve as collateral in a financing
 transaction. See Note 1 of the Notes to Financial Statements for details of
 municipal bonds transferred to tender option bond trusts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(p)</FONT></P>
</TD>
<TD COLSPAN="8" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Represents the current yield as of report date.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(q)</FONT></P>
</TD>
<TD COLSPAN="8" VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Investments in companies considered to be an affiliate of
 the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of
 1940, were as follows:</FONT></P>
</TD>
</TR>
</TABLE>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" Style="margin-left:5%">
<TR style="font-size:1px">
<TD WIDTH="62%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Affiliate</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Net
 Activity</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Income</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>CMA New York Municipal Money Fund</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>621,442</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><font size=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><font size=1  FACE=ARIAL>22,038</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<BR>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="25%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>46</FONT></P>

 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="55%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="45%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP >
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Schedule of Investments<FONT size=2 COLOR="#1E5F95" FACE=ARIAL> August
 31, 2008</FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT style="font-size:9pt" COLOR="#1E5F95" FACE=ARIAL><B>BlackRock
 New York Municipal Income Trust II (BFY)</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  COLOR="#1E5F95" FACE=ARIAL><B>(Percentages shown are based on Net Assets)</B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Municipal Bonds</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>New York&#151;145.5%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Albany, New
 York, IDA, Civic Facility Revenue Bonds (New<BR>
 Covenant Charter School Project), Series A:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>7%, 5/01/25</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>345</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>270,118</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>7%, 5/01/35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>220</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>166,800</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Clarence,
 New York, IDA, Civic Facility Revenue Bonds (Bristol<BR>
 Village Project), 6%, 1/20/44 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,700</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,780,478</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dutchess
 County, New York, IDA, Civic Facility Revenue Bonds<BR>
 (Vassar College Project), 5.35%, 8/01/11 (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,383,440</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dutchess
 County, New York, IDA, Civic Facility Revenue<BR>
 Refunding Bonds (Bard College), Series A-2, 4.50%, 8/01/36</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>755</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>681,682</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Essex
 County, New York, IDA, Solid Waste Disposal, Revenue<BR>
 Refunding Bonds (International Paper Company), AMT,<BR>
 Series A, 5.50%, 10/01/26</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>625</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>535,319</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Genesee
 County, New York, IDA, Civic Facility Revenue<BR>
 Refunding Bonds (United Memorial Medical Center<BR>
 Project), 5%, 12/01/27</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>250</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>207,918</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Geneva, New
 York, IDA, Civic Facility Revenue Refunding<BR>
 Bonds (Hobart and William Smith Project), Series A,<BR>
 5.375%, 2/01/33</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,250</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,314,447</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Herkimer
 County, New York, IDA, Civic Facility Revenue Bonds<BR>
 (Herkimer College Foundation Inc.), 6.25%, 8/01/34</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>385</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>383,017</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Long Island
 Power Authority, New York, Electric System<BR>
 Revenue Bonds, 5.04%, 6/01/28 (c)(d)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,515</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,324,979</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Metropolitan
 Transportation Authority, New York, Dedicated<BR>
 Tax Fund Revenue Refunding Bonds, Series A,<BR>
 5%, 11/15/30</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,048,750</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Metropolitan
 Transportation Authority, New York, Revenue<BR>
 Refunding Bonds, Series A, 5.25%, 11/15/31 (e)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,250</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,258,337</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Metropolitan
 Transportation Authority, New York, Service<BR>
 Contract Revenue Refunding Bonds, Series A, 5.125%,<BR>
 1/01/29</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,038,600</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Metropolitan
 Transportation Authority, New York, Transportation<BR>
 Revenue Refunding Bonds, Series F, 5%, 11/15/35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>982,410</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, City Housing Development Corporation,<BR>
 M/F Housing Revenue Bonds, AMT, Series J-2, 4.75%,<BR>
 11/01/27</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,420</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,251,418</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, City IDA, Mortgage Revenue Bonds<BR>
 (Eger Harbor House Inc. Project), Series A (a):</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>4.95%,
 11/20/32</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>980</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>956,676</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.875%,
 5/20/44</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>975</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,025,719</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, City IDA, PILOT Revenue Bonds<BR>
 (Queens Baseball Stadium Project) (f):</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5%, 1/01/39</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>485,530</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5%, 1/01/46</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,050</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,969,578</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, City IDA, Revenue Bonds<BR>
 (IAC/InterActiveCorp Project), 5%, 9/01/35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>818,300</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, City IDA, Special Facility<BR>
 Revenue Bonds, AMT (g):</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT SIZE=1 FACE=ARIAL>(American Airlines, Inc. - JFK
 International Airport),<BR>
 7.625%, 8/01/25</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,600</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,440,080</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT SIZE=1 FACE=ARIAL>(Continental Airlines Inc.
 Project),<BR>
 7.75%, 8/01/31</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,339,005</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, City Municipal Water Finance<BR>
 Authority, Second General Resolution, Water and Sewer<BR>
 System Revenue Bonds, Series AA, 4.50%, 6/15/37 (h)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>850</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>792,812</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, City Municipal Water Finance<BR>
 Authority, Water and Sewer System, Revenue Refunding<BR>
 Bonds, Series A, 5.125%, 6/15/34</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,048,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Municipal Bonds</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>New York (continued)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, City Transit Authority, Metropolitan<BR>
 Transportation Authority, Triborough COP, Series A,<BR>
 5.25%, 1/01/10 (b)(f)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,269,700</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, City Transitional Finance Authority,<BR>
 Building Aid Revenue Bonds, Series S-2 (e):</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>4.50%,
 1/15/31</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,368,125</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>4.25%,
 1/15/34</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>250</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>223,592</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, City Transitional Finance Authority,<BR>
 Building Aid Revenue Refunding Bonds, Series S-1,<BR>
 4.50%, 1/15/38</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>465,325</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, City Transitional Finance Authority,<BR>
 Future Tax Secured, Revenue Refunding Bonds, Series B,<BR>
 5%, 11/01/27</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,080,050</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, GO, Series B, 5.75%, 12/01/11 (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,320,040</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, IDA, Civic Facility Revenue Bonds<BR>
 (Lycee Francais de New York Project), Series A,<BR>
 5.375%, 6/01/23 (i)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,388,160</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 City, New York, IDA, Civic Facility Revenue<BR>
 Refunding Bonds (Polytechnic University), 5.25%,<BR>
 11/01/37 (i)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>460</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>398,581</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 Convention Center Development Corporation, New York,<BR>
 Revenue Bonds (Hotel Unit Fee Secured), 5%, 11/15/35 (f)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,951,550</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 Counties Tobacco Trust III, Tobacco Settlement<BR>
 Pass-Through Bonds, 6%, 6/01/43</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,535</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,507,318</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 Liberty Development Corporation Revenue Bonds<BR>
 (National Sports Museum Project), Series A,<BR>
 6.125%, 2/15/19</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>675</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>597,328</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 State Dormitory Authority, Mortgage Hospital Revenue<BR>
 Bonds (Saint Barnabas Hospital), Series A, 5%, 2/01/31 (f)(j)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,483,980</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 State Dormitory Authority, Non-State Supported Debt,<BR>
 Lease Revenue Bonds (Municipal Health Facilities<BR>
 Improvement Program), Sub-Series 2-4, 4.75%, 1/15/30</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>973,750</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 State Dormitory Authority, Non-State Supported<BR>
 Debt, Revenue Bonds:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Fordham
 University), Series B, 5%, 7/01/38 (k)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>504,610</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Manhattan
 College), Series B, 5.30%, 7/01/37 (l)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>250</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>246,708</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT SIZE=1 FACE=ARIAL>(New York Hospital Medical Center
 of Queens),<BR>
 4.75%, 2/15/37 (j)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>315</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>300,806</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT SIZE=1 FACE=ARIAL>(New York University Hospitals
 Center), Series B,<BR>
 5.625%, 7/01/37</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>530</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>515,303</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 State Dormitory Authority, Non-State Supported Debt,<BR>
 Revenue Refunding Bonds:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT SIZE=1 FACE=ARIAL>(Mount Sinai School of Medicine of
 New York University),<BR>
 5%, 7/01/35 (h)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>491,980</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT'><FONT SIZE=1 FACE=ARIAL>(School Districts Financing
 Program), Series B,<BR>
 5%, 4/01/36 (c)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>750</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>760,815</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 State Dormitory Authority, Revenue Bonds:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(Brooklyn
 Law School), Series B, 5.125%, 7/01/30 (m)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,003,680</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>(New School
 University), 5%, 7/01/31 (h)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,425</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,417,219</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 State Dormitory Authority, Revenue Refunding Bonds<BR>
 (Kateri Residence), 5%, 7/01/22</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,057,820</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 State Dormitory Authority, State Supported Debt<BR>
 Revenue Bonds (Mental Health Services Facilities),<BR>
 Series A, 5%, 2/15/33 (c)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>700</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>703,808</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;


</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 State Energy Research and Development Authority,<BR>
 Facilities Revenue Bonds (Consolidated Edison Company<BR>
 of New York, Inc. Project), AMT, 4.70%, 6/01/36 (g)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,501,210</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>47</FONT></P>
 </TD>
 </TR>
</table>
<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="55%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="45%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP >
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
</TD>
</TR>

<TR>
<TD COLSPAN="2" VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Schedule of
 Investments (concluded)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT style="font-size:9pt"  COLOR="#1E5F95" FACE=ARIAL><B>BlackRock
 New York Municipal Income Trust II (BFY)</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  COLOR="#1E5F95" FACE=ARIAL><B>(Percentages shown
 are based on Net Assets)</B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Municipal Bonds</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Par<BR>
 (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>New York (concluded)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 State Energy Research and Development Authority,<BR>
 Gas Facilities Revenue Refunding Bonds (Brooklyn Union <BR>
 Gas Company/Keyspan), AMT, Series A, 4.70%, 2/01/24 (e)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,395,150</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 State Environmental Facilities Corporation, State<BR>
 Clean Water and Drinking Water, Revenue Refunding<BR>
 Bonds (New York City Municipal Water Finance Authority),<BR>
 Series A, 5%, 6/15/37</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,526,640</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>New York
 State Urban Development Corporation, Personal<BR>
 Income Tax Revenue Bonds, Series B, 5%, 3/15/35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,023,320</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Port
 Authority of New York and New Jersey, Special Obligation<BR>
 Revenue Bonds (Continental Airlines, Inc. - LaGuardia<BR>
 Project), AMT, 9.125%, 12/01/15</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,512,425</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Saratoga
 County, New York, IDA, Civic Facility Revenue Bonds<BR>
 (The Saratoga Hospital Project), Series B, 5.25%, 12/01/32</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>350</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>330,327</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Suffolk
 County, New York, IDA, Continuing Care and Retirement,<BR>
 Revenue Refunding Bonds (Jeffersons Ferry Project),<BR>
 5%, 11/01/28</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>450</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>403,146</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Suffolk
 County, New York, IDA, IDR (Keyspan-Port Jefferson),<BR>
 AMT, 5.25%, 6/01/27</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,327,600</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>TSASC,
 Inc., New York, TFABS, Series 1, 5.75%, 7/15/12 (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,934,880</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Triborough
 Bridge and Tunnel Authority, New York, Revenue<BR>
 Refunding Bonds, Series A, 5%, 1/01/32</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>150</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>151,044</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>102,639,903</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Multi-State&#151;6.0%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Charter Mac
 Equity Issuer Trust (n)(o):</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>5.75%,
 4/30/15</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>527,900</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>6%, 4/30/15</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,598,385</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>6%, 4/30/19</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,057,840</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>6.30%,
 4/30/19</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,075,390</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,259,515</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Guam&#151;0.5%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Guam
 Economic Development and Commerce Authority,<BR>
 Tobacco Settlement Asset-Backed Revenue Refunding<BR>
 Bonds, 5.625%, 6/01/47</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>375</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>347,824</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Puerto Rico&#151;6.4%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7ECF6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Children&#146;s
 Trust Fund Project of Puerto Rico, Tobacco Settlement<BR>
 Revenue Refunding Bonds, 5.625%, 5/15/43</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>464,160</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Puerto Rico
 Commonwealth Highway and Transportation<BR>
 Authority, Transportation Revenue Refunding Bonds,<BR>
 Series D, 5.375%, 7/01/12 (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,173,980</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Puerto Rico
 Electric Power Authority, Power Revenue<BR>
 Refunding Bonds, Series VV, 5.25%, 7/01/29 (h)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>523,995</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Puerto Rico
 Housing Financing Authority, Capital Funding<BR>
 Program, Subordinate Revenue Refunding Bonds,<BR>
 5.125%, 12/01/27</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>984,890</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;


</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Puerto Rico
 Sales Tax Financing Corporation, Sales Tax<BR>
 Revenue Refunding Bonds, Series A, 5.14%, 8/01/54 (d)(f)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>354,800</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,501,825</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Long-Term Investments
(Cost&#151;$110,870,744)&#151;158.4%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>111,749,067</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" STYLE="MARGIN-LEFT:5%">
<TR style="font-size:1px">
<TD WIDTH="62%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Short-Term Securities</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Shares</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>CMA New York Municipal Money Fund, 1.31% (p)(q)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>846,434</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>846,434</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT FACE="ARIAL" SIZE="1"><B>Total Short-Term Securities (Cost&#151;$846,434)&#151;1.2%</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>846,434</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT FACE="ARIAL" SIZE="1"><B>Total Investments (Cost&#151;$111,717,178*)&#151;159.6%</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>112,595,501</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT FACE="ARIAL" SIZE="1"><B>Other Assets Less Liabilities&#151;3.7%</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,615,438</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT FACE="ARIAL" SIZE="1"><B>Preferred Shares, at Redemption Value&#151;(63.3)%</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(44,666,955</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT FACE="ARIAL" SIZE="1"><B>Net Assets Applicable to Common Shares&#151;100.0%</B> </FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>70,543,984</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>*</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>The cost and unrealized appreciation (depreciation) of investments
 as of August 31, 2008, as computed for federal income tax purposes, were as
 follows:</FONT></P>
</TD>
</TR>
</table>
<BR>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" STYLE="MARGIN-LEFT:5%">
<TR style="font-size:1px">
<TD WIDTH="78%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Aggregate cost</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>111,554,362</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Gross unrealized appreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,218,577</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Gross unrealized depreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,177,438</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Net unrealized appreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,041,139</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:10pt">
<TD WIDTH="5%" VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(a)</FONT></P>
</TD>
<TD WIDTH="94%" VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>GNMA Collateralized.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(b)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>U.S. government securities, held in escrow, are used to
 pay interest on this security as well as to retire the bond in full at the
 date indicated, typically at a premium to par.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(c)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>FSA Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(d)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Represents a zero-coupon bond. Rate shown reflects the
 effective yield at the time of purchase.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(e)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>FGIC Insured.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(f)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>AMBAC Insured.</FONT></P>
</TD>
</TR>


<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(g)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Variable rate security. Rate shown is as of report date.
 Maturity shown is the final maturity date.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(h)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>MBIA Insured.</FONT></P>
</TD>
</TR>


<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(i)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>ACA Insured.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(j)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>FHA Insured.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(k)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Assured Guaranty Insured.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(l)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Radian Insured.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(m)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>XL Capital Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(n)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Security exempt from registration under Rule 144A of the
 Securities Act of 1933. These securities may be resold in transactions exempt
 from registration to qualified institutional investors.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(o)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Security represents a beneficial interest in a trust. The
 collateral deposited into the trust is federally tax-exempt revenue bonds
 issued by various state or local governments, or their respective agencies or
 authorities. The security is subject to remarketing prior to its stated
 maturity, and is subject to mandatory redemption at maturity.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(p)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Represents the current yield as of report date.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>(q)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Investments in companies considered to be an affiliate of
 the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of
 1940, were as follows:</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="95%" STYLE="MARGIN-LEFT:5%">
<TR style="font-size:1px">
<TD WIDTH="62%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Affiliate</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Net
 Activity</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Income</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>CMA New York Municipal Money Fund</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(64,441</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM colspan=2>
<P ALIGN="CENTER"><FONT SIZE=1  FACE=ARIAL>$36,421</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>



<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>48</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<DIV style=font-family:arial>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
<TR style="font-size:5px">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
</TR>
 </table>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=top>
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Schedule of Investments<FONT SIZE=2 COLOR=#1E5F95 FACE=ARIAL>  August 31, 2008</FONT></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=#1E5F95 FACE=ARIAL><B>BlackRock Virginia Municipal Bond Trust (BHV)</B></FONT><BR>
<FONT SIZE=1  COLOR=#1E5F95 FACE=ARIAL><B>(Percentages shown are based on Net Assets)</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

</table>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="67%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1><B>Municipal Bonds</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Par<BR>
  (000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM  style=padding:3pt>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:12.3PT;TEXT-INDENT:-8.65PT'><FONT  COLOR="#1E5F95" SIZE=1><B>District
  of Columbia&#151;7.1%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>Metropolitan
  Washington Airports Authority, D.C., Airport <BR>
  System Revenue Bonds, AMT:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>Series A, 5.25%,
  10/01/32 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>1,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>1,423,365</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>Series B, 5%,
  10/01/34 (b)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>250</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>230,925</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>1,654,290</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM style=padding:3pt>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:12.3PT;TEXT-INDENT:-8.65PT'><FONT COLOR="#1E5F95" SIZE=1><B>Virginia&#151;127.7%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>Arlington County,
  Virginia, IDA, Hospital Facilities Revenue <BR>
  Bonds (Virginia Hospital Center - Arlington Health System),<BR>
  5.25% due 7/01/2011 (c)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>2,150</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>2,335,975</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>Celebrate North
  Community Development Authority, Virginia,<BR>
  Special Assessment Revenue Bonds, Series B,<BR>
  6.75%, 3/01/34</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>1,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>1,454,820</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>Chesterfield
  County, Virginia, EDA, Solid Waste and Sewer <BR>
  Disposal Revenue Bonds (Virginia Electric Power Company),<BR>
  AMT, Series A, 5.60%, 11/01/31</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>453,700</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>Danville,
  Virginia, IDA, Hospital Revenue Refunding Bonds <BR>
  (Danville Regional Medical Center), 5.25%, 10/01/28 (d)(e)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>1,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>1,628,475</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>Dulles Town
  Center, Virginia, Community Development <BR>
  Authority, Special Assessment Tax (Dulles Town Center <BR>
  Project), 6.25%, 3/01/26</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>970</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>964,898</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>Fairfax County,
  Virginia, EDA, Residential Care Facilities,<BR>
  Mortgage Revenue Refunding Bonds (Goodwin House, Inc.),<BR>
  5.125%, 10/01/37</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>882,720</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>Fairfax County,
  Virginia, Water Authority, Water Revenue <BR>
  Refunding Bonds, 5%, 4/01/27</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>1,205</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>1,219,930</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>Hampton,
  Virginia, Public Improvement, GO, 5%, 4/01/20</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>1,046,570</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>Henrico County,
  Virginia, EDA, Revenue Refunding Bonds <BR>
  (Bon Secours Health System, Inc.), Series A:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>5.60% due 11/15/12
  (c)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>60</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>66,836</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>5.60%, 11/15/30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>1,440</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>1,448,496</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>Isle Wight
  County, Virginia, IDA, Environmental Improvement <BR>
  Revenue Bonds, AMT, Series A, 5.70%, 11/01/27</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>1,300</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>1,134,107</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>Norfolk,
  Virginia, Airport Authority Revenue Bonds, Series A,<BR>
  5.125%, 7/01/31 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>1,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>1,446,120</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>Peninsula Ports
  Authority, Virginia, Residential Care Facilities,<BR>
  Revenue Refunding Bonds (Baptist Homes), Series C,<BR>
  5.40%, 12/01/33</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>407,275</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>Prince William
  County, Virginia, Lease Participation Certificates,<BR>
  5%, 12/01/21</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>1,275</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>1,315,379</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>Richmond,
  Virginia, Metropolitan Authority, Expressway <BR>
  Revenue Refunding Bonds, 5.25%, 7/15/22 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>1,250</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>1,288,138</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>Richmond,
  Virginia, Public Utilities Revenue Refunding <BR>
  Bonds, 5% due 1/15/2012 (b)(c)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>3,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>3,237,870</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>The Shops at
  White Oak Village Community Development <BR>
  Authority, Virginia, Special Assessment Revenue Bonds,<BR>
  5.30%, 3/01/17</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>250</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>239,595</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>Virginia College
  Building Authority, Educational Facilities <BR>
  Revenue Bonds (21st Century College and Equipment <BR>
  Programs), VRDN, Series B, 2.35%, 2/01/26 (f)(k)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>10</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>10,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>Virginia College
  Building Authority, Educational Facilities <BR>
  Revenue Refunding Bonds (Washington and Lee University <BR>
  Project) (g):</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>5.25%, 1/01/26</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>547,950</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>5.25%, 1/01/31</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>1,068,580</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>Virginia Port
  Authority, Port Facilities Revenue Bonds, AMT,<BR>
  4.75%, 7/01/31 (a)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>434,540</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Par</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1><B>Municipal
  Bonds</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>(000)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM style=padding:3pt>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:12.3PT;TEXT-INDENT:-8.65PT'><FONT  COLOR="#1E5F95" SIZE=1><B>Virginia
  (concluded)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>Virginia Small
  Business Financing Authority, Hospital <BR>
  Revenue Bonds (Carilion Clinic Center Project), VRDN,<BR>
  Series B, 2.35%, 7/01/42 (f)(k)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>2,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>2,200,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>Virginia Small
  Business Financing Authority, Revenue <BR>
  Refunding Bonds (Children&#146;s Hospital of the King&#146;s <BR>
  Daughters Project), VRDN, 1.83%, 1/01/36 (f)(k)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>300</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>300,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>Virginia State,
  HDA, Commonwealth Mortgage Revenue <BR>
  Bonds, Series H, Sub-Series H-1, 5.375%, 7/01/36 (g)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>3,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>2,974,080</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>

<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>Virginia State
  Resources Authority, Infrastructure Revenue <BR>
  Bonds (Pooled Loan Program), Series A, 5.125%, 5/01/27</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>635</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>647,827</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>Virginia State
  Resources Authority, Water and Sewer System <BR>
  Revenue Bonds (Frederick County Sanitation Authority <BR>
  Project), 5.20%, 10/01/10 (c)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>1,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>1,060,900</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>29,814,781</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM style=padding:3pt>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:12.3PT;TEXT-INDENT:-8.65PT'><FONT COLOR="#1E5F95" SIZE=1><B>Multi-State&#151;7.3%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>

</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>Charter Mac
  Equity Issuer Trust, 7.20%, 10/31/52 (h)(i)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>1,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>1,696,530</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>

</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM style=padding:3pt>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:12.3PT;TEXT-INDENT:-8.65PT'><FONT  COLOR="#1E5F95" SIZE=1><B>Puerto
  Rico&#151;5.1%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>Children&#146;s Trust
  Fund Project of Puerto Rico, Tobacco <BR>
  Settlement Revenue Refunding Bonds,<BR>
  5.375%, 5/15/33</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>1,295</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>1,199,908</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1><B>Total
  Municipal Bonds&#151;147.2%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>34,365,509</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</TABLE>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
 </table>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="67%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1><B>Municipal Bonds Transferred to <BR>
  Tender Option Bond Trusts (j)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM style=padding:3pt>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:12.3PT;TEXT-INDENT:-8.65PT'><FONT COLOR="#1E5F95" SIZE=1><B>Virginia&#151;8.8%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1>University of
  Virginia, Revenue Refunding Bonds, 5%, 6/01/40</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>2,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>2,046,612</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1><B>Total Municipal Bonds Transferred to
  <BR>
  Tender Option Bond Trusts&#151;8.8%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>2,046,612</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1><B>Total
  Investments (Cost&#151;$35,788,903*)&#151;156.0%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>36,412,121</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1><B>Other
  Assets Less Liabilities&#151;1.9%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>449,897</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1><B>Liability for Trust Certificates,
  Including Interest Expense <BR>
  and Fees Payable&#151;(5.8)%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>(1,336,355</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1><B>Preferred
  Shares, at Redemption Value&#151;(52.1)%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>(12,178,740</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1><B>Net
  Assets Applicable to Common Shares&#151;100.0%</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>23,346,923</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<P><FONT SIZE=1>See Notes
to Financial Statements.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>49</FONT></P>
 </TD>
 </TR>
</table>

<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>

<TR style="font-size:5px">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
</TR>
 </table>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=top>
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Schedule of Investments (concluded)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=#1E5F95 FACE=ARIAL><B>BlackRock Virginia Municipal Bond Trust (BHV)</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

</table>



<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="75%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="13%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>*</FONT></P>
</TD>
<TD VALIGN=BOTTOM colspan=5>
<P><FONT SIZE=1>The cost and unrealized appreciation (depreciation)
  of investments as of August 31, 2008, as computed for federal income tax
  purposes, were as follows:</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>Aggregate cost</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>34,383,614</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>Gross unrealized appreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>1,336,467</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>Gross unrealized depreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>(637,960</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>Net unrealized appreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>698,507</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>
<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>(a)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>FGIC Insured. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>(b)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>FSA Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>(c)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>U.S. government securities, held in escrow, are used
  to pay interest on this security as well as to retire the bond in full at the
  date indicated, typically at a premium to par.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>(d)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>AMBAC Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>(e)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>Security is collateralized by Municipal or U.S.
  Treasury Obligations.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>(f)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>Variable rate security. Rate shown is as of report
  date. Maturity shown is the final maturity date.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>(g)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>MBIA Insured.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>(h)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>Security exempt from registration under Rule 144A of
  the Securities Act of 1933. These securities may be resold in transactions
  exempt from registration to qualified institutional investors.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>(i)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>Security represents a beneficial interest in a trust.
  The collateral deposited into the trust is federally tax-exempt revenue bonds
  issued by various state or local governments, or their respective agencies or
  authorities. The security is subject to remarketing prior to its stated
  maturity and is subject to mandatory redemption at maturity.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>(j)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>Securities represent bonds transferred to a tender
  option bond trust in exchange for which the Trust acquired residual interest
  certificates. These securities serve as collateral in a financing transaction.
  See Note 1 of the Notes to Financial Statements for details of municipal
  bonds transferred to tender option bond trusts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>(k)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>Security may have a maturity of more than one year at
  time of issuance, but has variable rate and demand features that qualify it
  as a short-term security.</FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=1>See Notes to Financial
Statements.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>50</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2>[This page intentionally left blank]</FONT></P>
</div>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>

<tr>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>S<A NAME=A006></A>tatements of Assets and Liabilities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="40%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>August 31, 2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>BlackRock<BR>
 Insured<BR>
 Municipal<BR>
 Income<BR>
 Investment Trust<BR>
 (BAF)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>BlackRock<BR>
 Insured<BR>
 Municipal<BR>
 Income Trust<BR>
 (BYM)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>BlackRock<BR>
 Municipal<BR>
 Bond<BR>
 Investment Trust<BR>
 (BIE)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>BlackRock<BR>
 Municipal<BR>
 Bond Trust<BR>
 (BBK)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  colspan=14 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Assets</B></FONT></P>
 </TD>
  </TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Investments
 at value - unaffiliated<SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>195,521,888</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>589,900,115</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>77,125,686</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>229,857,053</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Investments
 at value - affiliated<SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,278,745</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,161,064</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,268,187</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,900,427</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Cash</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>67,130</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>59,741</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>91,940</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,204</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Investments
 sold receivable</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>500,792</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,010,628</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Interest
 receivable</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,578,675</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,106,972</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,131,101</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,818,771</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 receivable</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>77</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>289</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>45</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>115</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Other
 assets</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14,719</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>55,245</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,734</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>21,843</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Prepaid
 expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12,096</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>36,546</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,423</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14,850</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 assets</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>202,473,330</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>600,820,764</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>80,626,116</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>243,626,891</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="14" VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  colspan=14 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Accrued Liabilities</B></FONT></P>
 </TD>
  </TR>


<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Unrealized
 depreciation on swaps</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>127,751</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,416,803</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>658,710</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Investments
 purchased payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,216,201</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>972,961</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,342,162</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Interest
 expense and fees payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>155,585</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>328,456</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14,405</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>38,947</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Income
 dividends payable - Common Shares</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>506,575</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,599,068</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>229,334</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>748,644</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Investment
 advisory fees payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>67,135</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>207,069</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>29,745</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>91,604</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Officer&#146;s
 and Trustees&#146; fees payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15,626</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>57,029</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,220</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>22,809</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Other
 affiliates payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,300</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,881</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>515</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,654</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Other
 accrued expenses payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>75,842</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>121,866</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>61,004</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>110,302</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 accrued liabilities</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,166,015</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,734,172</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,313,184</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,014,832</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  colspan=14 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Other Liabilities</B></FONT></P>
 </TD>
  </TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Trust
 certificates<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>31,604,874</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>78,959,602</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,596,361</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,965,454</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Liabilities</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>33,770,889</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>82,693,774</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,909,545</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>18,980,286</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  colspan=14 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Preferred Shares at Redemption Value</B></FONT></P>
 </TD>
  </TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Preferred
 Shares at $0.001 par value per share at $25,000 per share liquidation
 preference plus unpaid dividends<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>44,397,229</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>149,994,479</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>26,184,939</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>80,530,507</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Net Assets Applicable to Common
Shareholders</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>124,305,212</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>368,132,511</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>49,531,632</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>144,116,098</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  colspan=14 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Net Assets Applicable to Common
 Shareholders Consist of</B></FONT></P>
 </TD>
  </TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Common
 Shares, par value $0.001 per share<SUP>5</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,734</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>26,214</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,333</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,326</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Paid-in
 capital in excess of par</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>123,914,893</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>372,078,562</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>47,234,601</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>146,876,154</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Undistributed
 net investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>810,530</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,019,949</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>398,922</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>985,580</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Accumulated
 net realized loss</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,094,968</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(9,556,260</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(81,759</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,304,373</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 unrealized appreciation/depreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>666,023</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,564,046</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,976,535</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,451,589</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Net Assets Applicable to Common
Shareholders</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>124,305,212</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>368,132,511</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>49,531,632</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>144,116,098</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net asset
 value per Common Share</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.23</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.04</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.86</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.96</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><SUP>1 </SUP><FONT  SIZE=1 FACE=ARIAL>Investments
 at cost - unaffiliated</FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>194,728,114</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>585,919,266</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>75,149,151</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>230,649,932</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><SUP>2 </SUP><FONT  SIZE=1 FACE=ARIAL>Investments
 at cost - affiliated</FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,278,745</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,161,064</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,268,187</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,900,427</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><SUP>3 </SUP><FONT  SIZE=1 FACE=ARIAL>Represents
 short-term floating rate certificates issued by tender option bond trusts.</FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><SUP>4 </SUP><FONT  SIZE=1 FACE=ARIAL>Preferred
 Shares issued and outstanding</FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,775</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,997</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,047</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,220</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><SUP>5 </SUP><FONT  SIZE=1 FACE=ARIAL>Common
 Shares outstanding</FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,734,048</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>26,214,222</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,333,337</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,326,123</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>
<BR>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>

<TR>
 <TD VALIGN=TOP colspan=4>
 <P><FONT SIZE=1 FACE=ARIAL>See Notes to
Financial Statements.</FONT></P>
 </TD>
</tr>

<TR>
 <TD VALIGN=TOP colspan=4>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</tr>

 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>52</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
</TABLE>

<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="28%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>August 31, 2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>BlackRock<BR>
 Municipal<BR>
 Income Trust II<BR>
 (BLE)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>BlackRock<BR>
 California<BR>
 Insured<BR>
 Municipal<BR>
 Income Trust<BR>
 (BCK)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>BlackRock<BR>
 California<BR>
 Municipal<BR>
 Bond Trust<BR>
 (BZA)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>BlackRock<BR>
 California<BR>
 Municipal<BR>
 Income Trust II<BR>
 (BCL)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>BlackRock<BR>
 Maryland<BR>
 Municipal<BR>
 Bond Trust<BR>
 (BZM)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>BlackRock<BR>
 New Jersey<BR>
 Municipal<BR>
 Bond Trust<BR>
 (BLJ)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  colspan=20 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Assets</B></FONT></P>
 </TD>
  </TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Investments
 at value - unaffiliated<SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>513,545,846</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>113,749,263</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>78,678,748</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>182,557,507</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>44,990,978</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>51,527,630</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Investments
 at value - affiliated<SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,701,021</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,272,867</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,134,105</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>244</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,103,426</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>828,207</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Cash</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>53,457</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>80,981</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,320</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,207,447</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>61,722</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>91,622</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Investments
 sold receivable</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,600,574</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Interest
 receivable</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,610,750</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,152,557</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>897,651</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,165,263</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>552,960</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>633,215</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 receivable</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>266</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>34</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>54</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>65</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>36</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>35</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Other
 assets</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>50,705</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,537</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,381</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12,466</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,924</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,657</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Prepaid
 expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>32,351</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,326</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,888</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11,242</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,879</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,294</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 assets</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>524,594,970</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>121,269,565</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>81,728,147</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>186,954,234</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>47,718,925</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>53,090,660</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  colspan=20 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Accrued Liabilities</B></FONT></P>
 </TD>
  </TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Unrealized
 depreciation on swaps</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,655,090</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>375,543</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Investments
 purchased payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>441,520</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>764,168</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,681,169</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Interest
 expense and fees payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>161,080</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>43,720</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,481</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>55,555</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,313</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,992</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Income
 dividends payable - Common Shares</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,527,675</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>295,573</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>211,399</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>455,988</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>133,484</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>162,266</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Investment
 advisory fees payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>203,867</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>39,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>29,779</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>71,602</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>18,249</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20,229</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Officer&#146;s
 and Trustees&#146; fees payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>52,369</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,980</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,806</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13,678</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,326</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,052</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Other
 affiliates payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,408</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>830</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>520</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,275</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>307</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>343</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Other
 accrued expenses payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>144,460</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>75,781</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>66,163</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>79,745</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>61,742</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>73,349</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 accrued liabilities</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,189,469</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>462,384</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,088,316</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,734,555</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>227,421</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>267,231</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  colspan=20 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Other Liabilities</B></FONT></P>
 </TD>
  </TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Trust
 certificates<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>39,398,524</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,932,521</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,998,847</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12,184,299</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,998,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,030,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Liabilities</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>43,587,993</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,394,905</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,087,163</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14,918,854</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,225,921</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,297,231</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  colspan=20 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Preferred Shares at Redemption Value</B></FONT></P>
 </TD>
  </TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Preferred
 Shares at $0.001 par value per share at $25,000 per share liquidation
 preference plus unpaid dividends<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>166,118,018</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>37,571,859</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>27,991,285</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>59,772,632</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16,004,915</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,209,618</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Net Assets Applicable to Common
Shareholders</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>314,888,959</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>74,302,801</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>50,649,699</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>112,262,748</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>29,488,089</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>32,583,811</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>




<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  colspan=20 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Net Assets Applicable to Common
 Shareholders Consist of</B></FONT></P>
 </TD>
  </TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Common
 Shares, par value $0.001 per share<SUP>5</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>23,147</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,278</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,410</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,041</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,302</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Paid-in
 capital in excess of par</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>329,002,631</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>74,835,958</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>48,406,377</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>113,484,176</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>28,915,463</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>32,635,087</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Undistributed
 net investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,007,465</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>330,965</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>135,745</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>413,761</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>251,763</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>319,435</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Accumulated
 net realized loss</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(8,467,551</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,414,271</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(488,169</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,826,444</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(15,021</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(274,415</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 unrealized appreciation/depreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(6,676,733</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>544,871</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,592,336</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,183,255</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>333,843</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(98,598</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Net Assets Applicable to Common
Shareholders</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>314,888,959</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>74,302,801</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>50,649,699</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>112,262,748</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>29,488,089</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>32,583,811</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net asset
 value per Common Share</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.60</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.85</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.45</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.16</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><SUP>1 </SUP><FONT  SIZE=1 FACE=ARIAL>Investments
 at cost - unaffiliated</FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>518,567,489</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>113,204,392</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>76,086,412</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>179,998,709</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>44,657,135</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>51,626,228</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><SUP>2 </SUP><FONT  SIZE=1 FACE=ARIAL>Investments
 at cost - affiliated</FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,701,021</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,272,867</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,134,105</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>244</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,103,426</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>828,207</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><SUP>3 </SUP><FONT  SIZE=1 FACE=ARIAL>Represents
 short-term floating rate certificates issued by tender option bond trusts.</FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><SUP>4 </SUP><FONT  SIZE=1 FACE=ARIAL>Preferred
 Shares issued and outstanding</FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,642</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,502</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,119</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,390</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>640</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>768</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><SUP>5 </SUP><FONT  SIZE=1 FACE=ARIAL>Common
 Shares outstanding</FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>23,146,588</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,278,087</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,409,668</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,999,789</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,041,037</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,301,652</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>

 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT  SIZE=1 FACE=ARIAL>53</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>
 </TD>
 </TR>

<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>


  <TR>
 <TD VALIGN=BOTTOM NOWRAP>
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Statements
of Assets and Liabilities (concluded)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  COLOR=#1E5F95 FACE=ARIAL><B>&nbsp;</B></FONT></P>
 </TD>
 </TR>

</table>
<BR>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="40%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>August 31, 2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>BlackRock<BR>
 New York<BR>
 Insured<BR>
 Municipal<BR>
 Income Trust<BR>
 (BSE)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>BlackRock<BR>
 New York<BR>
 Municipal<BR>
 Bond Trust<BR>
 (BQH)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>BlackRock<BR>
 New York<BR>
 Municipal<BR>
 Income Trust II<BR>
 (BFY)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>BlackRock<BR>
 Virginia<BR>
 Municipal<BR>
 Bond Trust<BR>
 (BHV)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP  style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:14.9PT;TEXT-INDENT:-8.65PT;padding:3pt'><FONT  SIZE=1 FACE=ARIAL COLOR="#1E5F95"><B>Assets</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP  style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Investments
 at value - unaffiliated<SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>145,138,785</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>63,072,916</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>111,749,067</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>36,412,121</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Investments
 at value - affiliated<SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>300</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,128,594</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>846,434</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Cash</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>249,242</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>84,748</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>61,047</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>113,657</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Investments
 sold receivable</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,632,800</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Interest
 receivable</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,531,551</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>815,316</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,339,756</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>510,333</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 receivable</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>35</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>36</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>46</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>29</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Other
 assets</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,584</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,887</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,694</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,559</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Prepaid
 expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,884</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,943</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,884</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,265</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 assets</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>146,935,381</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>65,112,440</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>115,644,728</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>37,043,964</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:10 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP  style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:14.9PT;TEXT-INDENT:-8.65PT;padding:3pt'><FONT  SIZE=1 FACE=ARIAL COLOR="#1E5F95"><B>Accrued Liabilities</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP  style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Interest
 expense and fees payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>72,551</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,104</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,355</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Income
 dividends payable - Common Shares</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>375,547</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>187,684</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>308,794</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>112,475</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Investment
 advisory fees payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>51,114</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>25,205</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>44,592</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14,467</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Officer&#146;s
 and Trustees&#146; fees payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,124</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,743</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,578</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,892</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Other
 affiliates payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>952</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>426</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>752</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>243</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Other
 accrued expenses payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>74,105</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>81,498</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>70,073</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>48,869</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 accrued liabilities</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>581,393</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>310,660</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>433,789</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>188,301</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:10 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP  style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:14.9PT;TEXT-INDENT:-8.65PT;padding:3pt'><FONT  SIZE=1 FACE=ARIAL COLOR="#1E5F95"><B>Other Liabilities</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP  style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Trust
 certificates<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14,335,035</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,788,744</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,330,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Liabilities</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14,916,428</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,099,404</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>433,789</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,518,301</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:10 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP  style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:14.9PT;TEXT-INDENT:-8.65PT;padding:3pt'><FONT  SIZE=1 FACE=ARIAL COLOR="#1E5F95"><B>Preferred Shares at Redemption
Value</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP  style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Preferred
 Shares at $0.001 par value per share at $25,000 per share liquidation
 preference plus unpaid dividends<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>41,687,803</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>22,410,097</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>44,666,955</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12,178,740</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Net Assets Applicable to Common
Shareholders</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>90,331,150</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>40,602,939</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>70,543,984</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>23,346,923</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:10 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-top:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 2px">&nbsp;

</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP  style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:14.9PT;TEXT-INDENT:-8.65PT;padding:3pt'><FONT  SIZE=1 FACE=ARIAL COLOR="#1E5F95"><B>Net Assets Applicable to Common
Shareholders Consist of</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP  style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Common
 Shares, par value $0.001 per share<SUP>5</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,475</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,760</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,941</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,553</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Paid-in
 capital in excess of par</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>91,845,967</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>39,181,450</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>70,053,876</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>22,041,587</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Undistributed
 net investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>757,900</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>265,371</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>664,858</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>433,606</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Accumulated
 net realized gain (loss)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(831,958</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(53,812</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">

<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,058,014</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>246,959</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 unrealized appreciation/depreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,447,234</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,207,170</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>878,323</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>623,218</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Net Assets Applicable to Common
Shareholders</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>90,331,150</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>40,602,939</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>70,543,984</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>23,346,923</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net asset
 value per common share<SUP>6</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.95</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.71</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.28</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT FACE="Arial" SIZE="1"><SUP>1</SUP> </FONT>
<FONT FACE="ARIAL" SIZE="1">Investments
at cost - unaffiliated </FONT> </P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>146,586,019</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>61,865,746</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>110,870,744</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>35,788,903</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL><SUP>2 </SUP>Investments
 at cost - affiliated</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>300</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,128,594</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>846,434</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><SUP>3 </SUP><FONT  SIZE=1
FACE=ARIAL>Represents
 short-term floating rate certificates issued by tender option bond trusts.</FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><SUP>4 </SUP><FONT  SIZE=1
FACE=ARIAL>Preferred
 Shares issued and outstanding</FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,667</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>896</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,786</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>487</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><SUP>5 </SUP>Common
 Shares outstanding</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,474,946</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,760,221</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,940,705</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,552,916</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>54</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>
 </TD>
 </TR>

<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>


  <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL><A NAME=A007></A>Statements
of Operations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  COLOR=#1E5F95 FACE=ARIAL><B>&nbsp;</B></FONT></P>
 </TD>
 </TR>

</table>


<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="36%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Year Ended August 31, 2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>BlackRock<BR>
 Insured<BR>
 Municipal<BR>
 Income<BR>
 Investment Trust<BR>
 (BAF)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>BlackRock<BR>
 Insured<BR>
 Municipal<BR>
 Income Trust<BR>
 (BYM)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>BlackRock<BR>
 Municipal<BR>
 Bond<BR>
 Investment Trust<BR>
 (BIE)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>BlackRock<BR>
 Municipal<BR>
 Bond Trust<BR>
 (BBK)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP  style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:14.9PT;TEXT-INDENT:-8.65PT;padding:3pt'><FONT  SIZE=1 FACE=ARIAL COLOR="#1E5F95"><B>Investment Income</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP  style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Interest</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,839,520</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>30,561,092</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,381,537</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14,081,533</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Income from
 affiliates</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>109,710</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>334,614</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>48,314</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>133,750</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,949,230</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>30,895,706</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,429,851</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14,215,283</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:10 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP  style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:14.9PT;TEXT-INDENT:-8.65PT;padding:3pt'><FONT  SIZE=1 FACE=ARIAL COLOR="#1E5F95"><B>Expenses</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP  style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Investment
 advisory</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,122,439</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,365,925</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>525,854</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,585,003</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Commissions
 for Preferred Shares</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>176,084</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>538,411</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>73,613</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>224,139</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Accounting
 services</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>35,970</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>65,214</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,114</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>43,024</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Professional</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>93,357</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>162,135</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>70,089</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>100,735</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Transfer
 agent</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>17,684</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>35,202</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15,454</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>22,497</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Printing</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,484</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>25,304</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,104</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>25,065</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Officer and
 Trustees</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14,568</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>41,936</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,390</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16,234</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Custodian</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14,159</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>34,105</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,015</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>18,147</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Registration</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11,418</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,811</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11,405</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11,723</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Miscellaneous</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>26,495</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>24,149</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>26,689</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>32,450</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses excluding interest expense and fees</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,531,658</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,301,192</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>766,727</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,079,017</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Interest
 expense and fees<SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>178,465</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>467,385</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,918</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>56,850</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,710,123</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,768,577</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>786,645</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,135,867</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Less fees
 waived by advisor</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(365,331</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,002,347</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(206,042</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(580,931</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Less fees
 paid indirectly</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(265</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(386</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(123</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(597</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses after waiver and fees paid indirectly</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,344,527</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,765,844</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>580,480</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,554,339</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,604,703</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>27,129,862</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,849,371</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12,660,944</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR style="font-size:10 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP  style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:14.9PT;TEXT-INDENT:-8.65PT;padding:3pt'><FONT  SIZE=1 FACE=ARIAL COLOR="#1E5F95"><B>Realized and Unrealized Gain
(Loss)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP  style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain (loss) from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Investments</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(513,891</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,196,685</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>483,558</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(70,801</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Futures and
 swaps</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(228,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(4,000,462</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,226,703</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(742,391</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(6,197,147</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>483,558</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,297,504</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net change
 in unrealized appreciation/depreciation on:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Investments</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,221,187</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(14,621,059</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,151,902</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(12,888,825</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Swaps</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(13,029</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(507,398</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(87,510</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,234,216</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(15,128,457</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,151,902</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(12,976,335</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 realized and unrealized loss</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,976,607</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(21,325,604</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,668,344</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(15,273,839</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:10 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-top:solid black 1px">&nbsp;

</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP  style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:2px solid #1E5F95'>&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:14.9PT;TEXT-INDENT:-8.65PT;padding:3pt'><FONT  SIZE=1 FACE=ARIAL COLOR="#1E5F95"><B>Dividends and Distributions to
Preferred Shareholders From</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP  style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
<TD VALIGN=TOP style='border-bottom:1PX solid #1E5F95'>&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,458,784</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(6,899,959</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,016,308</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,869,826</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(311,386</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,458,784</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(6,899,959</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,016,308</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,181,212</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Net Increase (Decrease) in Net Assets
Applicable to Common Shareholders
 Resulting from Operations</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,169,312</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,095,701</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,164,719</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(5,794,107</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><SUP>1 </SUP><FONT FACE=ARIAL>Related to
tender option
 bond trusts.</FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL><BR>See Notes to Financial Statements.</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>55</FONT></P>
 </TD>
 </TR>
</table><BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>





<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Statements of Operations (concluded)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="38%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Year Ended August 31, 2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM colspan=2>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>BlackRock<BR>
 Municipal<BR>
 Income Trust II<BR>
 (BLE)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM colspan=2>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>BlackRock<BR>
 California<BR>
 Insured<BR>
 Municipal<BR>
 Income Trust<BR>
 (BCK)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM colspan=2>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>BlackRock<BR>
 California<BR>
 Municipal<BR>
 Bond Trust<BR>
 (BZA)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM colspan=2>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>BlackRock<BR>
 California<BR>
 Municipal<BR>
 Income Trust&nbsp;II<BR>
 (BCL)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  colspan=14 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Investment Income</B></FONT></P>
 </TD>
  </TR>



<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Interest</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>30,362,738</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,723,361</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,282,118</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,833,244</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Income from
 affiliates</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>331,840</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>130,458</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>100,968</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,534</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>30,694,578</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,853,819</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,383,086</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,835,778</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  colspan=14 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Expenses</B></FONT></P>
 </TD>
  </TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Investment
 advisory</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,970,894</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>677,989</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>532,697</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,036,995</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Commissions
 for Preferred Shares</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>490,790</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>113,089</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>74,557</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>172,584</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Accounting
 services</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>65,021</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,852</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>18,962</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>35,679</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Professional</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>174,566</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>96,738</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>68,977</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>99,221</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Transfer
 agent</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>42,983</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20,639</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>22,066</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>25,779</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Printing</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>55,424</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12,041</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,814</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20,179</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Officer and
 Trustees</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>31,095</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,014</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,896</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12,268</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Custodian</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>29,886</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,106</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,660</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13,350</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Registration</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,284</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11,421</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11,405</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,503</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Miscellaneous</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>56,158</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>23,457</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>28,944</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>27,567</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses excluding interest expense and fees</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,924,101</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>995,346</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>781,978</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,446,125</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Interest
 expense and fees<SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>231,734</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>51,987</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,350</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>62,481</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,155,835</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,047,333</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>792,328</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,508,606</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Less fees
 waived by advisor</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(569,789</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(222,478</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(213,685</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(189,045</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Less fees
 paid indirectly</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(135</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(459</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(142</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(303</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses after waiver and fees paid indirectly</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,585,911</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>824,396</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>578,501</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,319,258</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>27,108,667</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,029,423</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,804,585</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,516,520</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  colspan=14 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Realized and Unrealized Gain (Loss)</B></FONT></P>
 </TD>
  </TR>


<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain (loss) from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Investments</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>81,471</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(166,763</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>233,996</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,667,813</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Futures and
 swaps</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,414,422</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(529,830</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(217,665</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,908,476</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,332,951</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(696,593</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16,331</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(240,663</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net change
 in unrealized appreciation/depreciation on:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Investments</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(30,481,235</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,516,164</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,438,374</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(7,394,239</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Swaps</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(527,392</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>189,029</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>65,981</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>212,564</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(31,008,627</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,327,135</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,372,393</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(7,181,675</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 realized and unrealized loss</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(34,341,578</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,023,728</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,356,062</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(7,422,338</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  colspan=14 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Dividends and Distributions to
Preferred Shareholders<BR>From</B></FONT></P>
 </TD>
  </TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(6,838,458</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,418,583</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,029,626</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,305,653</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(6,838,458</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,418,583</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,029,626</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,305,653</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Net Increase (Decrease) in Net Assets
Applicable to Common Shareholders Resulting from
Operations</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(14,071,369</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>587,112</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,418,897</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,211,471</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT;margin-top:-2px'>
<FONT SIZE=1 FACE=ARIAL><SUP>1 </SUP></FONT></P>
</TD>
<TD VALIGN=bottom>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Related
 to tender option bond trusts.</FONT></P>
</TD>
</TR>
</TABLE>

<BR>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>

<TR>
 <TD VALIGN=TOP colspan=4>
 <P><FONT SIZE=1 FACE=ARIAL>See Notes to
Financial Statements.</FONT></P>
 </TD>
</tr>

<TR>
 <TD VALIGN=TOP colspan=4>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</tr>

 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>56</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>
<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
</TABLE>

<BR>




<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="28%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Year Ended August 31, 2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>BlackRock<BR>
 Maryland<BR>
 Municipal<BR>
 Bond Trust<BR>
 (BZM)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>BlackRock<BR>
 New Jersey<BR>
 Municipal<BR>
 Bond Trust<BR>
 (BLJ)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>New
 York<BR>
 Insured<BR>
 Municipal<BR>
 Income Trust<BR>
 (BSE)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>BlackRock<BR>
 New York<BR>
 Municipal<BR>
 Bond Trust<BR>
 (BQH)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>BlackRock<BR>
 New York<BR>
 Municipal<BR>
 Income Trust II<BR>
 (BFY)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>BlackRock<BR>
 Virginia<BR>
 Municipal<BR>
 Bond Trust<BR>
 (BHV)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  colspan=20 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Investment Income</B></FONT></P>
 </TD>
  </TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Interest</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,555,005</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,041,936</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,212,741</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,626,141</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,112,622</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,045,581</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Income from
 affiliates</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>33,124</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>21,809</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>313</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>22,357</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>36,819</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>259</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,588,129</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,063,745</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,213,054</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,648,498</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,149,441</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,045,840</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  colspan=20 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Expenses</B></FONT></P>
 </TD>
  </TR>


<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Investment
 advisory</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>314,455</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>354,511</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>823,791</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>429,572</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>645,179</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>244,577</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Commissions
 for Preferred Shares</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>44,693</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>50,447</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>135,165</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>60,207</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>110,836</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>33,662</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Accounting
 services</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>18,133</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,298</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>22,770</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,650</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20,524</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,642</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Professional</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>70,423</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>78,760</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>93,207</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>78,124</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>91,688</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>58,092</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Transfer
 agent</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13,379</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15,416</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15,645</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>22,298</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>17,925</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13,252</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Printing</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11,716</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11,743</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15,708</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11,995</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14,383</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11,073</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Officer and
 Trustees</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,516</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,414</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,206</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,659</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,555</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,097</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Custodian</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,357</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,071</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12,801</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,283</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,815</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,274</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Registration</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>642</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>724</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,817</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11,405</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,553</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>488</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Miscellaneous</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>26,356</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>27,193</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>33,266</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>30,555</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>24,737</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>27,210</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total expenses
 excluding interest expense and fees</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>505,670</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>566,577</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,171,376</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>675,748</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>945,195</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>403,367</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Interest
 expense and fees<SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,918</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,779</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>86,636</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,936</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,007</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>516,588</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>572,356</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,258,012</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>684,684</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>945,195</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>410,374</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Less fees
 waived by advisor</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(116,003</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(132,567</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(237,219</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(159,028</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(125,959</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(87,775</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Less fees
 paid indirectly</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(314</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(116</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(920</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(309</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(38</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(336</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses after waiver and fees paid indirectly</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>400,271</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>439,673</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,019,873</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>525,347</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>819,198</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>322,263</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,187,858</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,624,072</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,193,181</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,123,151</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,330,243</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,723,577</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  colspan=20 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Realized and Unrealized Gain (Loss)</B></FONT></P>
 </TD>
  </TR>


<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain (loss) from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Investments</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>52,367</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(116,746</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>84,445</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>39,245</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(470,509</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>292,759</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Futures and
 swaps</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(157,668</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(738,436</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11,861</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(517,346</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>52,367</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(274,414</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(653,991</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>51,106</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(987,855</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>292,759</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net change
 in unrealized appreciation/depreciation on:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Investments</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(801,629</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,258,322</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,003,695</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,627,731</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,011,675</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,013,968</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Swaps</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(33,134</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(143,280</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,485</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>247,665</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(801,629</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,291,456</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,146,975</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,618,246</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,764,010</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,013,968</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 realized and unrealized loss</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(749,262</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,565,870</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,800,966</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,567,140</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,751,865</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(721,209</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  colspan=20 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Dividends and Distributions to
Preferred<BR>Shareholders From</B></FONT></P>
 </TD>
  </TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(575,579</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(675,482</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,637,764</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(796,921</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,408,467</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(457,881</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(10,561</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(6,860</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(82,413</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(19,635</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(35,412</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(586,140</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(682,342</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,720,177</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(816,556</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,443,879</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(457,881</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>

<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Net Increase (Decrease) in Net Assets
Applicable to Common Shareholders Resulting from
Operations</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>852,456</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(624,140</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>672,038</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>739,455</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,134,499</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>544,487</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT  SIZE=1 FACE=ARIAL>57</FONT></P>
 </TD>
 </TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
<tr>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>


 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL><A NAME=A008></A>Statements of Changes in Net Assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="51%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL COLOR="#1E5F95"><B>BlackRock<BR>
 Insured Municipal Income<BR>
 Investment Trust (BAF)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL COLOR="#1E5F95"><B>BlackRock<BR>
 Insured Municipal<BR>
 Income Trust (BYM)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="5" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Year
 Ended August 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Year
 Ended August 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="5" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="5" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Increase (Decrease) in Net Assets:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   colspan=14 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Operations</B></FONT></P>
</TD>
</tr>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,604,703</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,851,442</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>27,129,862</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>27,087,640</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain (loss)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(742,391</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(98,027</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(6,197,147</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,872,662</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net change
 in unrealized appreciation/depreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,234,216</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(4,854,423</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(15,128,457</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(16,001,059</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 and distributions to Preferred Shareholders from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,458,784</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,711,706</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(6,899,959</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(7,245,982</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(499,767</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 increase (decrease) in net assets applicable to Common Shareholders resulting
 from operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,169,312</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,187,286</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,095,701</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,468,170</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   colspan=14 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Dividends and Distributions to Common Shareholders
From</B></FONT></P>
</TD>
</tr>


<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(6,078,897</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(6,078,895</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(19,185,033</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(19,181,250</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,349,789</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Decrease in
 net assets resulting from dividends and distributions to Common Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(6,078,897</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(6,078,895</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(19,185,033</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(20,531,039</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   colspan=14 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Capital Share Transactions</B></FONT></P>
</TD>
</tr>


<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Reinvestment
 of common dividends</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>138,005</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   colspan=14 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Net Assets Applicable to Common
Shareholders</B></FONT></P>
</TD>
</tr>


<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 decrease in net assets applicable to Common Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,909,585</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(4,891,609</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(20,142,729</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(19,062,869</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Beginning
 of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>128,214,797</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>133,106,406</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>388,275,240</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>407,338,109</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>End of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>124,305,212</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>128,214,797</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>368,132,511</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>338,275,240</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>End of year
 undistributed net investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>810,530</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>743,508</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,019,949</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,975,165</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL COLOR="#1E5F95"><B>BlackRock<BR>
 California Municipal<BR>
 Bond Trust (BZA)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL COLOR="#1E5F95"><B>BlackRock<BR>
 California Municipal<BR>
 Income Trust II (BCL)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="5" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="5" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Year
 Ended August 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Year
 Ended August 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="5" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="5" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Increase (Decrease) in Net Assets:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   colspan=14 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Operations</B></FONT></P>
</TD>

</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,804,585</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,842,371</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,516,520</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,568,697</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain (loss)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16,331</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>213,170</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(240,663</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>981,444</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net change
 in unrealized appreciation/depreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,372,393</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,050,049</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(7,181,675</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(6,967,642</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 and distributions to Preferred Shareholders from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,029,626</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,013,230</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,305,653</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,374,847</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 increase (decrease) in net assets applicable to Common Shareholders resulting
 from operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,418,897</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(7,738</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,211,471</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>207,652</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   colspan=14 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Dividends and Distributions to Common Shareholders
From</B></FONT></P>
</TD>
</tr>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,103,983</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,174,041</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(6,207,529</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(6,279,091</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Decrease in
 net assets resulting from dividends and distributions to Common Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,103,983</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,174,041</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(6,207,529</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(6,279,091</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   colspan=14 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Capital Share Transactions</B></FONT></P>
</TD>
</tr>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Reinvestment
 of common dividends</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>351,551</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>363,722</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>78,795</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>149,378</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   colspan=14 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Net Assets Applicable to Common
Shareholders</B></FONT></P>
</TD>
</tr>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 decrease in net assets applicable to Common Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,333,535</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,818,057</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(7,340,205</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(5,922,061</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Beginning
 of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>51,983,234</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>54,801,291</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>119,602,953</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>125,525,014</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>End of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>50,649,699</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>51,983,234</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>112,262,748</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>119,602,953</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>End of year
 undistributed net investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>135,745</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>464,798</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>413,761</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>408,630</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>

<TR>
 <TD VALIGN=TOP colspan=4>
 <P><FONT SIZE=1 FACE=ARIAL>See Notes to
Financial Statements.</FONT></P>
 </TD>
</tr>

<TR>
 <TD VALIGN=TOP colspan=4>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</tr>

 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>58</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>



<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>

</TABLE>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="23%" VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL COLOR="#1E5F95"><B>BlackRock</B><FONT  SIZE=1 FACE=ARIAL><BR>
 <B>Municipal Bond</B><BR>
 <B>Investment Trust (BIE)</B></FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL COLOR="#1E5F95"><B>BlackRock</B><FONT  SIZE=1 FACE=ARIAL><BR>
 <B>Municipal Bond</B><BR>
 <B>Trust (BBK)</B></FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL COLOR="#1E5F95"><B>BlackRock</B><FONT  SIZE=1 FACE=ARIAL><BR>
 <B>Municipal Income</B><BR>
 <B>Trust II (BLE)</B></FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL COLOR="#1E5F95"><B>BlackRock</B><FONT  SIZE=1 FACE=ARIAL><BR>
 <B>California Insured Municipal</B><BR>
 <B>Income Trust (BCK)</B></FONT></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="5" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="5" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="5" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Year
 Ended August 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Year
 Ended August 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Year
 Ended August 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Year
 Ended August 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="5" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="5" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="5" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="5" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Increase (Decrease) in Net Assets:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   colspan=26 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Operations</B></FONT></P>
</TD>
</tr>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,849,371</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,829,172</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12,660,944</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12,332,950</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>27,108,667</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>27,073,974</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,029,423</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,226,035</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain (loss)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>483,558</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(495,010</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,297,504</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>589,300</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,332,951</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>391,635</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(696,593</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>95,635</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net change
 in unrealized appreciation/depreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,151,902</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,748,582</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(12,976,335</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(7,236,647</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(31,008,627</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(15,760,063</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,327,135</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,236,231</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 and distributions to Preferred Shareholders from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,016,308</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,065,086</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,869,826</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,249,713</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(6,838,458</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(7,322,276</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,418,583</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,502,001</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(311,386</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net increase
 (decrease) in net assets applicable to Common Shareholders resulting from
 operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,164,719</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>520,494</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(5,794,107</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,435,890</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(14,071,369</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,383,270</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>587,112</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>583,438</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   colspan=26 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Dividends and Distributions <BR>to Common Shareholders
From</B></FONT></P>
</TD>
</tr>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,117,188</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,101,757</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(9,875,552</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(10,527,094</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(19,929,193</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(21,511,812</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,641,581</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,672,302</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(992,871</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Decrease in
 net assets resulting from dividends and distributions to Common Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,117,188</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,101,757</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(10,868,423</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(10,527,094</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(19,929,193</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(21,511,812</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,641,581</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,672,302</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   colspan=26 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Capital Share Transactions</B></FONT></P>
</TD>
</tr>


<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Reinvestment
 of common dividends</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>100,448</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>166,535</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>879,073</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,095,893</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,326,612</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,083,908</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,225</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,887</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   colspan=26 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Net Assets Applicable to <BR>Common
Shareholders</B></FONT></P>
</TD>
</tr>


<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 decrease in net assets applicable to <BR>Common Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,852,021</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,414,728</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(15,783,457</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(6,995,311</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(32,673,950</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(15,044,634</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,035,244</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,079,977</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Beginning
 of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>51,383,653</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>53,798,381</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>159,899,555</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>166,894,866</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>347,562,909</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>362,607,543</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>77,338,045</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>80,418,022</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>End of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>49,531,632</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>51,383,653</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>144,116,098</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>159,899,555</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>314,888,959</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>347,562,909</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>74,302,801</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>77,338,045</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>End of year
 undistributed net investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>398,922</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>682,831</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>985,580</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,070,603</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,007,465</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>661,477</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>330,965</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>361,764</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL COLOR="#1E5F95"><B>BlackRock<BR>
 Maryland Municipal<BR>
 Bond Trust (BZM)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL COLOR="#1E5F95"><B>BlackRock<BR>
 New Jersey Municipal<BR>
 Bond Trust (BLJ)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL COLOR="#1E5F95"><B>BlackRock<BR>
 New York Insured Municipal<BR>
 Income Trust (BSE)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL COLOR="#1E5F95"><B>BlackRock<BR>
 New York Municipal<BR>
 Bond Trust (BQH)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="5" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="5" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="5" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="5" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Year
 Ended August 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Year
 Ended August 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Year
 Ended August 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Year
 Ended August 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="5" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="5" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="5" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="5" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Increase (Decrease) in Net Assets:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   colspan=26 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Operations</B></FONT></P>
</TD>
</tr>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,187,858</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,196,572</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,624,072</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,646,386</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,193,181</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,432,448</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,123,151</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,114,715</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net realized
 gain (loss)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>52,367</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(36,957</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(274,414</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(118,196</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(653,991</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>102,600</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>51,106</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>233,781</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net change
 in unrealized appreciation/depreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(801,629</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,990,798</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,291,456</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,900,776</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,146,975</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(4,871,907</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,618,246</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,780,588</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>



<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 and distributions to Preferred Shareholders from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(575,579</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(620,925</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(675,482</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(668,039</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,637,764</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,663,594</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(796,921</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(788,847</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(10,561</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(724</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(6,860</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(82,413</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(114,611</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(19,635</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 increase (decrease) in net assets applicable to Common Shareholders resulting
 from operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>852,456</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(452,832</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(624,140</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(40,625</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>672,038</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(115,064</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>739,455</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>779,061</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   colspan=26 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Dividends and Distributions<BR>to Common Shareholders
From</B></FONT></P>
</TD>
</tr>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,770,800</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,736,982</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,176,081</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,156,474</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(4,505,354</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(4,502,953</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,552,826</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,525,696</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(29,818</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,108</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(21,875</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(221,583</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(322,647</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(62,036</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Decrease in
 net assets resulting from dividends and distributions to Common Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,800,618</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,739,090</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,197,956</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,156,474</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(4,726,937</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(4,825,600</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,614,862</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,525,696</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   colspan=26 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Capital Share Transactions</B></FONT></P>
</TD>
</tr>


<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Reinvestment
 of common dividends</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>134,190</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>140,320</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>159,974</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>180,298</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>72,019</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>318,829</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>364,660</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   colspan=26 style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Net Assets Applicable to <BR>Common
Shareholders</B></FONT></P>
</TD>
</tr>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 decrease in net assets applicable to<BR>Common Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(813,972</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,051,602</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,662,122</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,016,801</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,982,880</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(4,940,664</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,556,578</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,381,975</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Beginning
 of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>30,302,061</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>32,353,663</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>35,245,933</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>37,262,734</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>94,314,030</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>99,254,694</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>42,159,517</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>43,541,492</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>End of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>29,488,089</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>30,302,061</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>32,583,811</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>35,245,933</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>90,331,150</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>94,314,030</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>40,602,939</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>42,159,517</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>End of year
 undistributed net investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>251,763</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>409,493</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>319,435</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>546,926</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>757,900</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>

<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>707,837</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>265,371</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>491,078</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>

<TR>
 <TD VALIGN=TOP colspan=4>
 <P><FONT SIZE=1 FACE=ARIAL>See Notes to
Financial Statements.</FONT></P>
 </TD>
</tr>

<TR>
 <TD VALIGN=TOP colspan=4>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</tr>

 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>59</FONT></P>
 </TD>
 </TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>

<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</tr>

 <TR>
 <TD VALIGN=BOTTOM colspan=2>
 <P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Statements
of Changes in Net Assets (concluded)</FONT></P>
 </TD>
 </TR>
</TABLE>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="48%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>BlackRock<BR>
 New York Municipal<BR>
 Income Trust II (BFY)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>BlackRock<BR>
 Virginia Municipal<BR>
 Bond Trust (BHV)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="12" VALIGN=BOTTOM style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Year
 Ended August 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="5" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Year
 Ended August 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="12" VALIGN=BOTTOM style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Increase (Decrease) in Net Assets:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM COLSPAN="14" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-LEFT:13.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR=#1E5F95 FACE=ARIAL><B>Operations</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,330,243</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,283,336</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,723,577</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,712,355</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain (loss)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(987,855</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>99,253</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>292,759</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(11,882</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net change
 in unrealized appreciation/depreciation</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,764,010</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,416,134</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,013,968</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,043,695</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 and distributions to Preferred Shareholders from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,408,467</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,477,497</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(457,881</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(422,739</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(35,412</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(26,231</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 increase in net assets applicable to Common Shareholders resulting from
 operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,134,499</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>488,958</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>544,487</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>207,808</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM COLSPAN="14" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-LEFT:14.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR=#1E5F95 FACE=ARIAL><B>Dividends and Distributions to Common Shareholders
From</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,827,367</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,607,277</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,394,947</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,338,699</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(84,756</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(80,656</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Decrease in
 net assets resulting from dividends and distributions to Common Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,912,123</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,607,277</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,394,947</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,419,355</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM COLSPAN="14" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-LEFT:13.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR=#1E5F95 FACE=ARIAL><B>Capital Share Transactions</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Reinvestment
 of common dividends</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,335</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>27,341</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>144,001</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>167,940</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
</TR>

<TR>
<TD>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM COLSPAN="14" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-LEFT:14.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR=#1E5F95 FACE=ARIAL><B>Net Assets Applicable to Common
Shareholders</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 decrease in net assets applicable to Common Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,758,289</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,090,978</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(706,459</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,043,607</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Beginning
 of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>73,302,273</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>76,393,251</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>24,053,382</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>25,096,989</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>End of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>70,543,984</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>73,302,273</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>23,346,923</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>24,053,382</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>End of year
 undistributed net investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>664,858</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>570,449</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>433,606</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>562,297</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
</TR>
</table>
<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>

<TR>
 <TD VALIGN=TOP colspan=4>
 <P><FONT SIZE=1 FACE=ARIAL>See Notes to
Financial Statements.</FONT></P>
 </TD>
</tr>

<TR>
 <TD VALIGN=TOP colspan=4>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</tr>

 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>60</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>



<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="40%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="60%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>

</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</tr>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 FACE=ARIAL COLOR=#1E5F95>F<a NAME=A009>inancial Highlights</a></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT FACE="ARIAL" SIZE="2" COLOR=#1E5F95><B>BlackRock Insured Municipal Income Investment Trust (BAF)</B> </FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="32%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Year Ended August 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="15" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2004</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT COLOR="#1E5F95" SIZE=1 FACE=ARIAL><b>Per Share Operating Performance</b></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net asset value, beginning of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.68</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.24</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.26</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.34</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.74</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.99</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.02</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.02</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.02</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net realized and unrealized gain (loss)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.46</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.56</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.07</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.96</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.64</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends and distributions to Preferred Shareholders
 from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.28</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.31</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.26</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.16</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.07</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net increase from investment operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.25</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.14</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.69</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.82</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.58</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends and distributions to Common Shareholders
from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.70</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.70</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.71</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.90</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.90</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total dividends and distributions</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.70</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.70</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.71</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.90</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.98</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net asset value, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.23</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.68</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.24</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.26</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.34</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Market price, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12.42</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.55</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.88</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.14</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT COLOR="#1E5F95" SIZE=1 FACE=ARIAL><b>Total Investment Return<SUP>2</SUP></b></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Based on net asset value</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.22</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.17</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.16</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.13</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11.87</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Based on market price</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3.35</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.54</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(4.48</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.82</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT COLOR="#1E5F95" SIZE=1 FACE=ARIAL><b>Ratios to Average Net Assets Applicable to Common
Shares</b></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total expenses after waiver and fees paid indirectly and
 excluding interest expense and fees<SUP>3,4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.91</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.86</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.90</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.89</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.91</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total expenses after waiver and fees paid
indirectly<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.86</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.90</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.89</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.91</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total expenses after waiver and before fees paid
 indirectly<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.87</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.92</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.90</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.93</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total expenses<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.33</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.19</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.23</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.22</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.25</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net investment income<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.71</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.70</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.79</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.85</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.13</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends to Preferred Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.92</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.74</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.06</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.52</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net investment income to Common Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.79</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.65</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.79</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.61</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT COLOR="#1E5F95" SIZE=1 FACE=ARIAL><b>Supplemental Data</b></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net assets applicable to Common Shareholders, end of year
 (000)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>124,305</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>128,215</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>133,106</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>133,221</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>125,054</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Preferred Shares outstanding at liquidation preference,
 end of year (000)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>44,375</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>76,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>76,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>76,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>76,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Portfolio turnover</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>29</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Asset coverage per Preferred Share, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>95,044</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>67,187</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>68,792</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>68,826</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>66,137</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:2px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Based on average
 shares outstanding.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Total investment
 returns based on market value, which can be significantly greater or lesser
 than the net asset value, may result in substantially different returns.
 Total investment returns exclude the effects of sales charges.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Interest expense
 and fees relate to tender option bond trusts. See Note 1 of the Notes to
 Financial Statements for details of municipal bonds transferred to tender
 option bond trusts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Do not reflect the
 effects of dividends to Preferred Shareholders.</FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>61</FONT></P>
 </TD>
 </TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="40%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="60%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>

</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</tr>



<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 FACE=ARIAL COLOR=#1E5F95>Financial Highlights</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL COLOR=#1E5F95><B>BlackRock Insured Municipal Income Trust (BYM)</B></FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="32%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Year Ended August 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="15" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2004</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT COLOR="#1E5F95" SIZE=1 FACE=ARIAL><b>Per Share Operating Performance</b></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net asset value, beginning of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.82</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.54</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.61</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.62</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.64</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.04</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.06</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net realized and unrealized gain (loss)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.83</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.67</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.07</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.94</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends and distributions to Preferred Shareholders
 from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.26</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.28</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.26</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.17</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.02</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net increase (decrease) from investment
operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.06</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.68</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.93</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.92</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends and distributions to Common Shareholders
from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.73</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.73</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.75</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.94</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.94</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total dividends and distributions</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.73</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.78</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.75</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.94</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.94</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net asset value, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.04</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.82</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.54</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.61</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.62</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Market price, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.19</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.65</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.43</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.97</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT COLOR="#1E5F95" SIZE=1 FACE=ARIAL><b>Total Investment Return<SUP>2</SUP></b></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Based on net asset value</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.16</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.48</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.92</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.77</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.61</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Based on market price</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3.13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3.20</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.07</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>17.69</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10.57</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-LEFT:17.65PT;TEXT-INDENT:-8.65PT'><FONT COLOR="#1E5F95" SIZE=1 FACE=ARIAL><b>Ratios to Average Net Assets Applicable to Common
Shares</b></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total expenses after waiver and fees paid indirectly and
 excluding interest expense and fees<SUP>3,4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.86</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.80</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.84</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.83</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.84</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total expenses after waiver and fees paid
indirectly<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.98</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.80</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.84</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.83</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.84</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total expenses after waiver and before fees paid
 indirectly<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.98</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.80</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.84</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.83</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.84</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total expenses<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.24</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.12</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.18</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.15</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.16</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net investment income<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.67</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.75</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.83</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends to Preferred Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.80</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.79</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.69</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.57</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net investment income to Common Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.28</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.88</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.06</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.74</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.73</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT COLOR="#1E5F95" SIZE=1 FACE=ARIAL><b>Supplemental Data</b></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net assets applicable to Common Shareholders, end of year
 (000)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>368,133</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>388,275</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>407,338</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>408,641</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>382,265</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Preferred Shares outstanding at liquidation preference,
 end of year (000)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>149,925</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>228,975</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>228,975</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>228,975</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>228,975</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Portfolio turnover</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>39</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>17</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>60</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>57</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>57</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Asset coverage per Preferred Share, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>86,398</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>67,402</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>69,485</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>69,622</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>66,739</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style=margin-top:-2px><FONT FACE="ARIAL" SIZE="1"><SUP>1</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style=margin-top:2px><FONT SIZE=1 FACE=ARIAL>Based on average
 shares outstanding.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style=margin-top:-2px><FONT FACE="ARIAL" SIZE="1"><SUP>2</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style=margin-top:2px><FONT SIZE=1 FACE=ARIAL>Total investment
 returns based on market value, which can be significantly greater or lesser
 than the net asset value, may result in substantially different returns.
 Total investment returns exclude the effects of sales charges.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style=margin-top:-2px><FONT FACE="ARIAL" SIZE="1"><SUP>3</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style=margin-top:2px><FONT SIZE=1 FACE=ARIAL>Interest expense
 and fees relate to tender option bond trusts. See Note 1 of the Notes to
 Financial Statements for details of municipal bonds transferred to tender
 option bond trusts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style=margin-top:-2px><FONT FACE="ARIAL" SIZE="1"><SUP>4</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style=margin-top:2px><FONT SIZE=1 FACE=ARIAL>Do not reflect the
 effect of dividends to Preferred Shareholders.</FONT></P>
</TD>
</TR>
</table>
<BR>

 <P><FONT SIZE=1 FACE=ARIAL>See Notes to
Financial Statements.</FONT></P>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>62</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="50%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="50%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>
 </TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Financial Highlights</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2  COLOR="#1E5F95" FACE=ARIAL><B>BlackRock Municipal Bond Investment Trust
 (BIE)</B></FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="41%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Year
 Ended August 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2004</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR  BGCOLOR=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Per Share Operating
Performance</B></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net asset
 value, beginning of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.45</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.22</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.31</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.53</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.52</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.16</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT FACE=ARIAL SIZE=1><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.15</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.17</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.16</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.16</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized and unrealized gain (loss)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.51</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.67</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.06</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.71</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.88</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends and
 distributions to Preferred Shareholders from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.32</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.27</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.16</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 increase from investment operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.16</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.84</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>

</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.71</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.96</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 and distributions to Common Shareholders from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.94</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.93</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.93</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.93</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.93</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.02</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 dividends and distributions</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.94</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.93</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.93</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.93</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.95</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net asset
 value, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.86</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.45</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.22</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.31</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.53</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Market
 price, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.28</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.82</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.70</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.95</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.17</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Total Investment
Return<SUP>2</SUP></B></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Based on
 net asset value</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.34</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.95</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.40</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11.58</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.37</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Based on
 market price</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3.95</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.40</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10.97</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19.59</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11.82</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR  BGCOLOR=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Ratios to Average Net Assets
Applicable to Common Shares</B></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses after waiver and fees paid indirectly and excluding interest expense
 and fees<SUP>3,4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.96</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.98</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.02</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses after waiver and fees paid indirectly<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.96</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.98</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.02</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses after waiver and before fees paid indirectly<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.13</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.98</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.02</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.54</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.43</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.47</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.49</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.50</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.52</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.22</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.28</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.24</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.62</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 to Preferred Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.99</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.70</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.53</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income to Common Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.53</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.21</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.58</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.23</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR  BGCOLOR=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Supplemental Data</B></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net assets
 applicable to Common Shareholders, end of year (000)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>49,532</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>51,384</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>53,798</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>53,990</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>51,383</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Preferred
 Shares outstanding at liquidation preference, end of year (000)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>26,175</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>29,775</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>29,775</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>29,775</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>29,775</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Portfolio
 turnover</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>23</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Asset
 coverage per Preferred Share, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>72,318</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>68,149</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>70,173</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>70,343</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>68,147</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT FACE="ARIAL" SIZE="1"><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Based on average shares outstanding.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT FACE="ARIAL" SIZE="1"><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Total investment returns based on market value, which can
 be significantly greater or lesser than the net asset value, may result in
 substantially different returns. Total investment returns exclude the effects
 of sales charges.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT FACE="ARIAL" SIZE="1"><SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Interest expense and fees relate to tender option bond
 trusts. See Note 1 of the Notes to Financial Statements for details of
 municipal bonds transferred to tender option bond trusts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT FACE="ARIAL" SIZE="1"><SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Do not reflect the effect of dividends to Preferred
 Shareholders.</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP colspan=4>
 <P><FONT face=arial SIZE=1>See Notes to Financial Statements.</FONT></P>
 </TD>
</tr>
<TR>
 <TD VALIGN=TOP colspan=4>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
</tr>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT ><FONT  SIZE=1 FACE=ARIAL>63</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="50%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="50%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>
 </TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Financial Highlights</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2  COLOR="#1E5F95" FACE=ARIAL><B>BlackRock Municipal Bond Trust (BBK)</B></FONT></P>
</TD>
</TR>
</TABLE>


<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="48%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Year
 Ended August 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2004</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR  BGCOLOR=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Per Share Operating
Performance</B></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net asset
 value, beginning of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.57</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.36</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.12</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.23</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT FACE="Arial" SIZE="1"><SUP>1</SUP> </FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.20</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.21</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.21</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.25</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized and unrealized gain (loss)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1.48</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.63</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.18</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.36</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.74</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 and distributions to Preferred Shareholders from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.28</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.32</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.25</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.17</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.02</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 increase (decrease) from investment operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.56</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.25</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.12</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.40</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.91</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 and distributions to Common Shareholders from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.95</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1.04</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1.04</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1.04</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.10</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 dividends and distributions</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1.13</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1.04</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1.04</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Capital
 changes with respect to issuance of Preferred Shares</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net asset
 value, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.96</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.57</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.36</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Market
 price, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.89</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.50</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>17.89</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>17.18</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.61</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR  BGCOLOR=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Total Investment
Return<SUP>2</SUP></B></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Based on
 net asset value</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3.77</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.18</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.63</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Based on
 market price</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(9.65</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11.55</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>25.75</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.87</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR  BGCOLOR=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Ratios to Average Net Assets
Applicable to Common Shares</B></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses after waiver and fees paid indirectly and excluding interest expense
 and fees<SUP>3,4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.98</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.83</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.86</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.87</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.89</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses after waiver and fees paid indirectly<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.83</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.86</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.87</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.89</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses after waiver and before fees paid indirectly<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.84</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.88</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.88</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.90</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.39</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.28</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.37</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.35</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.37</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8.25</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.36</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.58</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.73</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8.28</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 to Preferred Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.87</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.94</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.57</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.55</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income to Common Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.38</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.42</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.65</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.73</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR  BGCOLOR=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Supplemental Data</B></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net assets
 applicable to Common Shareholders, end of year (000)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>144,116</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>159,900</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>166,895</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>165,863</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>151,892</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Preferred
 Shares outstanding at liquidation preference, end of year (000)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>80,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>90,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>90,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>90,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>90,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Portfolio
 turnover</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>27</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>85</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>70</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>65</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Asset
 coverage per Preferred Share, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>69,766</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>69,176</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>71,114</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>70,824</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>66,963</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Based on average shares outstanding.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Total investment returns based on market value, which can
 be significantly greater or lesser than the net asset value, may result in
 substantially different returns. Total investment returns exclude the effects
 of sales charges.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Interest expense and fees relate to tender option bond
 trusts. See Note 1 of the Notes to Financial Statements for details of
 municipal bonds transferred to tender option bond trusts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Do not reflect the effect of dividends to Preferred
 Shareholders.</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP colspan=4>
 <P><FONT face=arial SIZE=1>See Notes to Financial Statements.</FONT></P>
 </TD>
</tr>
<TR>
 <TD VALIGN=TOP colspan=4>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
</tr>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>64</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>
 </TD>
 </TR>
  <TR>
 <TD VALIGN=BOTTOM>
 <P><BR><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Financial Highlights</FONT></P>
</TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=#1E5F95 FACE=ARIAL><B>BlackRock Municipal Income Trust II (BLE)</B></FONT></P>
 </TD>
 </TR>
</TABLE>




<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="43%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Year
 Ended August 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="15" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;
</TD>

</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2004</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6" style="padding:3pt">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT COLOR="#1E5F95" SIZE=1 FACE=ARIAL><B>Per Share Operating
Performance</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6" >
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net asset
 value, beginning of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.82</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.75</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.34</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.28</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.17</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.17</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.18</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.20</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.20</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized and unrealized gain (loss)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1.50</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.66</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.18</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.38</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.95</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 to Preferred Shareholders from net investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.32</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.28</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.17</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 increase (decrease) from investment operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.63</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.19</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.41</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.06</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 to Common Shareholders from net investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.85</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.93</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net asset
 value, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.60</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.82</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.75</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.34</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Market
 price, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.27</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>17.22</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.73</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.92</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;


</TD>
</TR>
<TR style="font-size:8px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6" style="padding:3pt">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT COLOR="#1E5F95"  SIZE=1 FACE=ARIAL><B>Total Investment
Return<SUP>2</SUP></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6" >
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Based on
 net asset value</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(4.15</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.02</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.04</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>17.56</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Based on market price</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(6.29</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(7.38</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.66</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20.95</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.15</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR style="font-size:8px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6" style="padding:3pt">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  COLOR="#1E5F95" SIZE=1 FACE=ARIAL><B>Ratios to Average Net Assets
Applicable to Common Shares</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6" >
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses after waiver and fees paid indirectly and excluding interest expense
 and fees<SUP>3,4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.89</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.94</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.93</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.95</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses after waiver and fees paid indirectly<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.07</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.89</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.94</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.93</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.95</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses after waiver and before fees paid indirectly<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.07</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.90</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.94</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.93</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.95</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.24</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.12</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.18</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.17</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.20</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.43</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.66</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8.37</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 to Preferred Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.04</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.78</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.15</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.61</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income to Common Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.42</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.88</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.85</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.76</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR style="font-size:8px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6" style="padding:3pt">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT COLOR="#1E5F95"  SIZE=1 FACE=ARIAL><B>Supplemental Data</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6" >
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net assets
 applicable to Common Shareholders, end of year (000)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>314,889</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>347,563</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>362,608</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>359,020</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>326,770</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Preferred
 Shares outstanding at liquidation preference, end of year (000)</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>166,050</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>205,550</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>205,550</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>205,550</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>205,550</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>



<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>




<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Portfolio
 turnover</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>21</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>68</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>49</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>64</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Asset
 coverage per Preferred Share, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>72,419</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>67,279</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>69,110</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>68,672</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>64,747</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=top>
<P style=margin-top:-2px><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style=margin-top:2px><FONT SIZE=1 FACE=ARIAL>Based on average shares outstanding.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style=margin-top:-2px><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style=margin-top:2px><FONT SIZE=1 FACE=ARIAL>Total investment returns based on market value, which can
 be significantly greater or lesser than the net asset value, may result in
 substantially different returns. Total investment returns exclude the effects
 of sales charges.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style=margin-top:-2px><FONT SIZE=1 FACE=ARIAL><SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style=margin-top:2px><FONT SIZE=1 FACE=ARIAL>Interest expense and fees relate to tender option bond
 trusts. See Note 1 of the Notes to Financial Statements for details of
 municipal bonds transferred to tender option bond trusts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style=margin-top:-2px><FONT SIZE=1 FACE=ARIAL><SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style=margin-top:2px><FONT SIZE=1 FACE=ARIAL>Do not reflect the effect of dividends to Preferred
 Shareholders.</FONT></P>
</TD>
</TR>
</table>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP colspan=3>
<p><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.<BR><BR></FONT></p>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>65</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>
 </TD>
 </TR>




  <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL><BR>Financial Highlights</FONT></P>
</TD>
 <TD VALIGN=BOTTOM nowrap >
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=#1E5F95 FACE=ARIAL><B>BlackRock California Insured Municipal Income Trust
 (BCK)</B></FONT></P>
 </TD>
 </TR>
</TABLE>


<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="43%" VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Year
 Ended August 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="15" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2004</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6" style="padding:3pt">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  COLOR="#1E5F95" SIZE=1 FACE=ARIAL><B>Per Share Operating
Performance</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6" >
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net asset
 value, beginning of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.66</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.24</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.22</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.95</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.99</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.98</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.99</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.02</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized and unrealized gain (loss)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.57</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.59</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.27</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.89</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 to Preferred Shareholders from net investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.27</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.28</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.24</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.15</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 increase from investment operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.11</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.12</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.73</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.11</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.83</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 and distributions to Common Shareholders from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.69</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.70</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.71</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.90</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.90</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 dividends and distributions</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.69</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.70</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.71</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.90</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.91</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net asset
 value, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.66</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.24</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.22</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Market
 price, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12.95</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.61</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR style="font-size:8px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6" style="padding:3pt">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT COLOR="#1E5F95"  SIZE=1 FACE=ARIAL><B>Total Investment
Return<SUP>2</SUP></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6" >
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Based on net
 asset value</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.92</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.76</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.22</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.62</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.34</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Based on
 market price</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(4.84</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.52</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(4.53</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>22.24</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.97</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR style="font-size:8px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6" style="padding:3pt">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  COLOR="#1E5F95" SIZE=1 FACE=ARIAL><B>Ratios to Average Net Assets
Applicable to Common Shares</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6" >
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses after waiver and fees paid indirectly and excluding interest expense
 and fees<SUP>3,4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.90</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.95</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.97</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.99</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses after waiver and fees paid indirectly<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.07</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.90</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.95</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.97</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.99</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses after waiver and before fees paid indirectly<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.07</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.92</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.97</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.98</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.99</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.36</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.24</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.28</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.32</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.54</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.50</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.58</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.72</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.26</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 to Preferred Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.85</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.87</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.63</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.04</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.54</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income to Common Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.69</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.63</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.95</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.68</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.72</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR style="font-size:8px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-top:2px solid #1E5F95">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6" style="padding:3pt">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  COLOR="#1E5F95" SIZE=1 FACE=ARIAL><B>Supplemental Data</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6" >
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E7ECF6">
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
<TD VALIGN=TOP bgcolor="#E7ECF6" style="border-bottom:1px solid #1E5F95">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net assets
 applicable to Common Shareholders, end of year (000)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>74,303</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>77,338</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>80,418</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>80,289</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>73,823</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Preferred
 Shares outstanding at liquidation preference, end of year (000)</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>37,550</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>46,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>46,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>46,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>46,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Portfolio
 turnover</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>28</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Asset
 coverage per Preferred Share, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>74,484</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>66,591</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>68,241</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>68,170</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>64,691</FONT></P>
</TD>
<TD VALIGN=BOTTOM bgcolor="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style=margin-top:-2px><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style=margin-top:2px><FONT SIZE=1 FACE=ARIAL>Based on average shares outstanding.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style=margin-top:-2px><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style=margin-top:2px><FONT SIZE=1 FACE=ARIAL>Total investment returns based on market value, which can
 be significantly greater or lesser than the net asset value, may result in
 substantially different returns. Total investment returns exclude the effects
 of sales charges.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style=margin-top:-2px><FONT SIZE=1 FACE=ARIAL><SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style=margin-top:2px><FONT SIZE=1 FACE=ARIAL>Interest expense and fees relate to tender option bond
 trusts. See Note 1 of the Notes to Financial Statements for details of
 municipal bonds transferred to tender option bond trusts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style=margin-top:-2px><FONT SIZE=1 FACE=ARIAL><SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style=margin-top:2px><FONT SIZE=1 FACE=ARIAL>Do not reflect the effect of dividends to Preferred
 Shareholders.</FONT></P>
</TD>
</TR>
</table>

<BR>
<div><FONT SIZE=1 FACE=ARIAL>See Notes
to Financial Statements.</FONT></div>



<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR style="font-size:1px">
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>66</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>





<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>
 </TD>
 </TR>


<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</tr>



  <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Financial Highlights</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=#1E5F95 FACE=ARIAL><B>BlackRock California Municipal Bond Trust (BZA)</B></FONT></P>
 </TD>
 </TR>

</table>


<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="49%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Year
 Ended August 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="15" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2004</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7"  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Per Share Operating Performance</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7"  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7"  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7"  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7"  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7"  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7"  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7"  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7"  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7"  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7"  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7"  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7"  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7"  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7"  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7"  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Net asset value, beginning of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.28</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.19</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.67</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.71</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Net investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.12</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.14</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.15</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Net realized and unrealized gain (loss)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.41</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.82</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.17</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.50</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.92</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Dividends and distributions to Preferred Shareholders
 from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.26</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.15</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.07</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Net increase from investment operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.41</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.48</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.99</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Dividends and distributions to Common Shareholders from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.91</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.94</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.96</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.96</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.96</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.07</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Total dividends and distributions</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.91</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.94</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.96</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.96</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Net asset value, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.85</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.35</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.28</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.19</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.67</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Market price, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.48</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.50</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>18.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.33</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.90</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Total Investment Return<SUP>2</SUP></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Based on net asset value</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.64</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.33</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.71</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>17.71</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.20</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Based on market price</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(6.89</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3.37</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>17.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>25.31</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.80</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7"  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Ratios to Average Net Assets Applicable
 to Common Shares</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses after waiver and fees paid indirectly and excluding interest expense
 and fees<SUP>3,4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.94</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.96</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.06</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Total expenses after waiver and fees paid indirectly<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.11</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.94</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.96</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.06</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Total expenses after waiver and before fees paid
 indirectly<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.11</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.96</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.98</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.07</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Total expenses<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.52</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.41</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.45</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.50</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.55</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Net investment income<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.31</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.20</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.87</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Dividends to Preferred Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.98</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.87</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.64</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.98</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.49</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Net investment income to Common Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.33</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.21</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.56</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.32</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.38</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7"  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Supplemental Data</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E7EFF7" style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net assets
 applicable to Common Shareholders, end of year (000)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>50,650</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>51,983</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>54,801</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>54,265</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>49,145</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Preferred
 Shares outstanding at liquidation preference, end of year (000)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>27,975</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>29,975</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>29,975</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>29,975</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>29,975</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Portfolio turnover</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>24</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>21</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>22</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>24</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Asset coverage per Preferred Share, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>70,278</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>68,364</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>70,714</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>70,263</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>65,990</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT SIZE=1 FACE=ARIAL><sup>1</sup></FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>Based on average shares outstanding.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT SIZE=1 FACE=ARIAL><sup>2</sup></FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>Total investment returns based on market value, which can
 be significantly greater or lesser than the net asset value, may result in
 substantially different returns. Total investment returns exclude the effects
 of sales charges.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT SIZE=1 FACE=ARIAL><sup>3</sup></FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>Interest expense and fees relate to tender option bond
 trusts. See Note 1 of the Notes to Financial Statements for details of
 municipal bonds transferred to tender option bond trusts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:-3PX"><FONT SIZE=1 FACE=ARIAL><sup>4</sup></FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-TOP:3PX"><FONT SIZE=1 FACE=ARIAL>Do not reflect the effect of dividends to Preferred
 Shareholders.</FONT></P>
</TD>
</TR>
</TABLE>

<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>67</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="45%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="55%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>
 </TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</tr>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Financial
Highlights</FONT></P>
</TD>
<TD VALIGN=bottom>
<P ALIGN=RIGHT><FONT SIZE=2  COLOR="#1E5F95" FACE=ARIAL><B>BlackRock California Municipal Income Trust
II (BCL)</B></FONT></P>
</TD>
</TR>
</TABLE>

<BR>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="41%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Year
 Ended August 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="15" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>

</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2004</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP colspan=17  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Per Share
Operating Performance</B></FONT></P>
</td>

</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net asset
 value, beginning of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.96</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.72</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.52</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.77</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12.76</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.06</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.07</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized and unrealized gain (loss)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.92</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.74</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.16</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.75</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.97</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 to Preferred Shareholders from net investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.29</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.25</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.15</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 increase (decrease) from investment operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.15</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.99</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.69</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.98</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 to Common Shareholders from net investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.78</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.79</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.79</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.94</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.97</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net asset
 value, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.96</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.72</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.52</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.77</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Market
 price, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12.70</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.44</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.40</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.26</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.71</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP colspan=17  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Total Investment
Return<SUP>2</SUP></B></FONT></P>
</td>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Based on
 net asset value</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.89</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.93</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20.38</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.94</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Based on
 market price</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(7.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1.38</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.21</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP colspan=17  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Ratios to Average Net Assets
Applicable to Common Shares</B></FONT></P>
</td>
</TR>



<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses after waiver and fees paid indirectly and excluding interest expense
 and fees<SUP>3,4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.95</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.98</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses after waiver and fees paid indirectly<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.95</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.98</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses after waiver and before fees paid indirectly<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.13</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.96</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.02</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.29</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.19</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.24</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.26</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.81</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.06</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.46</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.97</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 to Preferred Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.97</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.89</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.62</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.58</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income to Common Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.33</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.92</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.44</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.46</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.39</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP colspan=17  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Supplemental Data</B></FONT></P>
</td>
</TR>


<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net assets
 applicable to Common Shareholders, end of year (000)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>112,263</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>119,603</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>125,525</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>123,920</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>109,952</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Preferred
 Shares outstanding at liquidation preference, end of<BR>year (000)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>59,750</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>71,950</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>71,950</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>71,950</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>71,950</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Portfolio
 turnover</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>36</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>18</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>21</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Asset
 coverage per Preferred Share, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>71,981</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>66,563</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>68,625</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>68,063</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>63,209</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#e6e6e6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:SOLID black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="4%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="96%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P  style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Based on average shares outstanding.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P  style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P  style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Total investment returns based on market value, which can
 be significantly greater or lesser than the net asset value, may result in
 substantially different returns. Total investment returns exclude the effects
 of sales charges.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P  style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P  style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Interest expense and fees relate to tender option bond
 trusts. See Note 1 of the Notes to Financial Statements for details of
 municipal bonds transferred to tender option bond trusts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P  style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P  style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Do not reflect the effect of
 dividends to Preferred Shareholders.</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=1 face=arial>See Notes to Financial Statements.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR style="font-size:1px">
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>68</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>
<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>
 </TD>
 </TR>

<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>


  <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Financial Highlights</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2  COLOR=#1E5F95 FACE=ARIAL><B>BlackRock Maryland Municipal
Bond Trust (BZM)</B></FONT></P>
 </TD>
 </TR>

</table>
<BR>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="42%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>For the Year Ended August 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="15" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN="CENTER"><FONT SIZE=1  FACE=ARIAL><B>2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN="CENTER"><FONT SIZE=1  FACE=ARIAL><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN="CENTER"><FONT SIZE=1  FACE=ARIAL><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN="CENTER"><FONT SIZE=1  FACE=ARIAL><B>2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN="CENTER"><FONT SIZE=1  FACE=ARIAL><B>2004</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="17" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>








<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Per Share Operating Performance
 </B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Net asset value, beginning of
 year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.91</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.98</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.11</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.24</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.36</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Net investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.07</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ><FONT SIZE=1  FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.07</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.07</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.06</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Net realized and unrealized gain
 (loss)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.36</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.99</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.83</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.76</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Dividends and distributions to
 Preferred Shareholders from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.28</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.31</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.26</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.17</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Net increase (decrease) from
 investment operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.42</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.22</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.73</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.73</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.74</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Dividends and distributions to
 Common Shareholders from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.87</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.85</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.86</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.86</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.86</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Total dividends and
 distributions</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.88</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.85</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.86</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.86</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.86</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Net asset value, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.45</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.91</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.98</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.11</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.24</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Market price, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.75</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>17.43</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>17.45</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.96</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.99</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<tr>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</tr>




<TR style="font-size:1 px">
<TD COLSPAN="17" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>
<B>Total Investment Return<SUP>3</SUP></B>

 </B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>Based on net asset value</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.60</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1.85</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.57</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11.73</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12.50</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Based on market price</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(4.33</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.26</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12.53</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.31</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<tr>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</tr>

<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Ratios to Average Net Assets Applicable to Common Shares
 </B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>




<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total expenses after waiver and fees paid indirectly and
 excluding interest expense and fees<SUP>4,5</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.28</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.07</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.11</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.11</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.18</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Total expenses after waiver and
 fees paid indirectly<SUP>5</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.32</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.07</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.11</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.11</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.18</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Total expenses after waiver and
 before fees paid indirectly<SUP>5</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.32</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.10</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.17</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.13</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.19</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Total expenses<SUP>5</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.70</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.54</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.64</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.60</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.67</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Net investment income<SUP>5</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.19</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.87</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.76</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.82</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Dividends to Preferred
 Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.89</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.94</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.66</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.54</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Net investment income to Common
 Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.93</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.10</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.77</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.51</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<tr>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</tr>

<TR style="font-size:1 px">
<TD COLSPAN="17" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Supplemental
 Data</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 FACE=ARIAL>Net assets applicable to Common
 Shareholders, end of <BR>year (000)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>29,488</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>30,302</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>32,354</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>32,492</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>30,715</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Preferred Shares outstanding at liquidation preference,
 end of year (000)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>18,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>18,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>18,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>18,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Portfolio turnover</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Asset coverage per Preferred Share, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>71,083</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>67,089</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>69,950</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>70,138</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>67,662</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style=margin-top:-2px><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style=margin-top:2px><FONT SIZE=1 FACE=ARIAL>Based on average shares
 outstanding.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style=margin-top:-2px><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style=margin-top:2px><FONT SIZE=1 FACE=ARIAL>Amount is less than ($0.01) per
 share.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style=margin-top:-2px><FONT SIZE=1 FACE=ARIAL><SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style=margin-top:2px><FONT SIZE=1 FACE=ARIAL>Total investment returns based
 on market value, which can be significantly greater or lesser than the net
 asset value, may result in substantially different returns. Total investment
 returns exclude the effects of sales charges.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style=margin-top:-2px><FONT SIZE=1 FACE=ARIAL><SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style=margin-top:2px><FONT SIZE=1 FACE=ARIAL>Interest expense and fees relate
 to tender option bond trusts. See Note 1 of the Notes to Financial Statements
 for details of municipal bonds transferred to tender option bond trusts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style=margin-top:-2px><FONT FACE="ARIAL" SIZE="1"><SUP>5</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P style=margin-top:2px><FONT SIZE=1 FACE=ARIAL>Do not reflect the effect of
 dividends to Preferred Shareholders.</FONT></P>
</TD>
</TR>
</table>

<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>


<TR>
 <TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</TR>

 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL> AUGUST 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>69</FONT></P>
 </TD>
 </TR>
</table>
<BR>





<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="50%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="50%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>
 </TD>
</TR>


<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</tr>


<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Financial Highlights</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2  COLOR="#1E5F95" FACE=ARIAL><B>BlackRock New Jersey Municipal Bond Trust
 (BLJ)</B></FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="41%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Year
 Ended August 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="15" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2004</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR   bgcolor=#E7ECF6>
<TD VALIGN=BOTTOM style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Per Share Operating
Performance</B></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net asset
 value, beginning of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.38</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.33</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.26</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.71</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.77</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.14</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.15</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.16</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.16</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.16</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized and unrealized gain (loss)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1.11</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.87</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.18</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.48</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.84</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 and distributions to Preferred Shareholders from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.29</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.29</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.24</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.15</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.07</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.02</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 increase (decrease) from investment operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.26</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.49</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.93</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 and distributions to Common Shareholders from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.95</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.94</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.95</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.94</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.94</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.06</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 dividends and distributions</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.96</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.94</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.94</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.99</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net asset
 value, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.16</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.38</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.33</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.26</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.71</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Market
 price, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.76</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.90</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>18.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.98</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.91</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Total Investment
Return<SUP>3</SUP></B></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Based on
 net asset value</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2.12</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.61</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.77</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>17.60</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.56</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Based on
 market price</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(7.15</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2.54</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>21.74</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>22.22</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9.32</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Ratios to Average Net
Assets Applicable to Common Shares</B></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses after waiver and fees paid indirectly and excluding interest expense
 and fees<SUP>4,5</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.26</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.06</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.14</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses after waiver and fees paid indirectly<SUP>5</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.28</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.06</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.14</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses after waiver and before fees paid indirectly<SUP>5</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.28</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.11</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.10</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.15</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses<SUP>5</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.67</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.47</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.59</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.57</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.63</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income<SUP>5</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.64</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.11</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.24</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.44</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.93</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 to Preferred Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.97</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.79</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.50</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.98</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.49</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income to Common Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.67</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.32</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.74</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.46</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.44</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Supplemental
Data</B></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net assets
 applicable to Common Shareholders, end of year (000)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>32,584</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>35,246</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>37,263</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>36,928</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>33,384</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Preferred
 Shares outstanding at liquidation preference, end of year (000)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20,225</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20,225</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20,225</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20,225</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Portfolio
 turnover</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>17</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>35</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Asset
 coverage per Preferred Share, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>67,439</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>68,578</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>71,067</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>70,649</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>66,266</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="94%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Based on average shares outstanding.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Amount is less than $(0.01) per share.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Total investment returns based on market value, which can
 be significantly greater or lesser than the net asset value, may result in
 substantially different returns. Total investment returns exclude the effects
 of sales charges.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Interest expense and fees relate to tender option bond
 trusts. See Note 1 of the Notes to Financial Statements for details of
 municipal bonds transferred to tender option bond trusts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>5</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Do not reflect the effect of dividends to Preferred
 Shareholders.</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP COLSPAN=4>
 <P><FONT SIZE=1  FACE=ARIAL>See Notes to Financial
 Statements.</FONT></P>
 </TD>
  </TR>
 <TR>
 <TD VALIGN=TOP COLSPAN=4>
 <P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
  </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>70</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>






<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="35%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="65%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=BOTTOM>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>
</TD>
</TR>

<TR>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Financial Highlights</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2 COLOR=#1E5F95 FACE=ARIAL><B>BlackRock New York Insured Municipal Income Trust (BSE)</B></FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="44%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>

<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Year Ended August 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="15" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2004</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;


</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR=#1E5F95 FACE=ARIAL><B>Per Share Operating Performance</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Net asset value,
 beginning of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.58</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.34</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.18</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.45</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Net investment
 income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.96</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.99</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Net realized and
 unrealized gain (loss)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.60</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.72</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.16</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.69</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends and distributions to Preferred Shareholders
 from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.25</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.26</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.24</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.14</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.07</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.02</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>

</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Net increase
 (decrease) from investment operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.10</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.75</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.02</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.63</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends and distributions to Common Shareholders
from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.70</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.70</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.71</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.90</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.90</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>

<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Total dividends and
 distributions</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.73</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.75</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.71</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.90</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.90</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Net asset value,
 end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.95</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.58</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.34</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.18</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Market price, end
 of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.26</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.12</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.70</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR=#1E5F95 FACE=ARIAL><B>Total Investment Return<SUP>2</SUP></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Based on net asset
 value</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.80</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.06</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.46</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.72</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12.40</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Based on market
 price</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1.07</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.73</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.92</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.04</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD COLSPAN="4" VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR=#1E5F95 FACE=ARIAL><B>Ratios to Average Net Assets Applicable to
 Common Shares</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total expenses after waiver and fees paid indirectly and
<BR>
 excluding interest expense and fees<SUP>3,4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.99</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.89</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.90</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.92</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.93</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Total expenses
 after waiver and fees paid indirectly<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.89</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.90</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.92</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.93</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total expenses after waiver and before fees paid
indirectly<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.90</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.92</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.93</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.95</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Total expenses<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.34</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.21</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.25</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.25</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.27</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Net investment
 income<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.59</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.53</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.63</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.77</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.14</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Dividends to
 Preferred Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.74</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.69</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.58</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.96</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.52</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Net investment
 income to Common Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.85</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.84</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.81</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.62</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR bgcolor=#E7ECF6 style='padding:3pt'>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1 COLOR=#1E5F95 FACE=ARIAL><B>Supplemental Data</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM >
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;


</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net assets applicable to Common Shareholders,<BR>
 end of year (000)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>90,331</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>94,314</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>99,255</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>98,853</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>91,260</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Preferred Shares outstanding at liquidation preference,<BR>
 end of year (000)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>41,675</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>56,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>56,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>56,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>56,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Portfolio turnover</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>24</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>21</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Asset coverage per
 Preferred Share, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>79,196</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>67,107</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>69,324</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>69,138</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>65,744</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Based on average
 shares outstanding.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>2</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Total investment
 returns based on market value, which can be significantly greater or lesser
 than the net asset value, may result in substantially different returns.
 Total investment returns exclude the effects of sales charges.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Interest expense
 and fees relate to tender option bond trusts. See Note 1 of the Notes to
 Financial Statements for details of municipal bonds transferred to tender
 option bond trusts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Do not reflect the
 effect of dividends to Preferred Shareholders.</FONT></P>
</TD>
</TR>
</table>

<BR>

<div><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></div>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
</TR>

 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=right><FONT  SIZE=1 FACE=ARIAL>71</FONT></P>
 </TD>
 </TR>
</table>
<BR>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>











<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="50%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="50%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Financial Highlights</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  COLOR="#1E5F95" FACE=ARIAL><B>BlackRock New York Municipal Bond Trust (BQH)</B></FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="38%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Year
 Ended August 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="15" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2004</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-LEFT:17.65PT;TEXT-INDENT:-8.65PT'><FONT  COLOR="#1E5F95"  SIZE=1 FACE=ARIAL><B>Per Share Operating Performance</B></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL COLOR="#1E5F95">Net asset
 value, beginning of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.39</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.02</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.15</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.14</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1  FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.14</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized and unrealized gain (loss)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.57</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.56</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.02</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.95</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.81</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 and distributions to Preferred Shareholders from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.29</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.29</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.25</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.15</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.07</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net increase
 from investment operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.27</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.29</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.86</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.93</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.87</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 and distributions to Common Shareholders from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.93</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.92</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.93</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.93</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.93</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net realized
 gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.02</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 dividends and distributions</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.95</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.92</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.93</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.93</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.93</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net asset
 value, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.71</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.39</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.02</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Market
 price, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.62</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.32</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.81</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.85</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.97</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:2pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  COLOR="#1E5F95"  SIZE=1 FACE=ARIAL><B>Total Investment
Return<SUP>2</SUP></B></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Based on
 net asset value</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.62</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.52</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.51</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.56</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.97</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Based on
 market price</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(4.76</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.60</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12.39</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20.83</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11.83</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:2pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  COLOR="#1E5F95"  SIZE=1 FACE=ARIAL><B>Ratios to Average Net Assets
Applicable to Common Shares</B></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses after waiver and fees paid indirectly and excluding interest expense
 and fees<SUP>3,4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.23</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.06</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.06</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.11</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses after waiver and fees paid indirectly<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.25</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.06</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.06</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.11</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses after waiver and before fees paid indirectly<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.25</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.02</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.12</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.63</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.47</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.56</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.56</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.60</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.45</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.16</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.16</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.20</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.57</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 to Preferred Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.90</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.81</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.60</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.97</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.48</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income to Common Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.55</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.56</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.23</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR  bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:2pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  COLOR="#1E5F95"  SIZE=1 FACE=ARIAL><B>Supplemental Data</B></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>



<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net assets
 applicable to Common Shareholders, end of year (000)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>40,603</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>42,160</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>43,541</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>43,460</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>40,757</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Preferred
 Shares outstanding at liquidation preference, end of year (000)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>22,400</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>24,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>24,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>24,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>24,200</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Portfolio
 turnover</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>23</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Asset
 coverage per Preferred Share, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>70,327</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>68,560</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>69,985</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>69,899</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>67,108</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><sup>1</sup></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Based on average shares outstanding.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><sup>2</sup></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Total investment returns based on market value, which can
 be significantly greater or lesser than the net asset value, may result in
 substantially different returns. Total investment returns exclude the effects
 of sales charges.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><sup>3</sup></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Interest expense and fees relate to tender option bond
 trusts. See Note 1 of the Notes to Financial Statements for details of
 municipal bonds transferred to tender option bond trusts.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-3px"><FONT SIZE=1 FACE=ARIAL><sup>4</sup></FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:3px"><FONT SIZE=1 FACE=ARIAL>Do not reflect the effect of dividends to Preferred
 Shareholders.</FONT></P>
</TD>
</TR>
</table>

<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>


<TR>
 <TD VALIGN=TOP colspan=4>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
 </TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</TR>

 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>72</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="30%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="70%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>
 </TD>
 </TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</tr>


<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Financial Highlights</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  COLOR="#1E5F95" FACE=ARIAL><B>BlackRock New York
 Municipal Income Trust II (BFY)</B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="48%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="15" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Year
 Ended August 31,</B></FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD COLSPAN="15" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2004</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="17" VALIGN=BOTTOM BGCOLOR="#E7ECF6" style="padding:3pt">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Per
 Share Operating Performance</B></FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net asset
 value, beginning of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.84</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.47</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.23</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.16</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.36</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.07</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.06</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.04</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.04</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized and unrealized gain (loss)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.55</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.67</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.14</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.07</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.79</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 and distributions to Preferred Shareholders from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.29</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.25</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.15</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 increase from investment operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.23</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.10</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.95</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.96</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.75</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 and distributions to Common Shareholders from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.77</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.73</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.71</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.89</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.95</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.02</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 dividends and distributions</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.79</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.73</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.71</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.89</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.95</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net asset
 value, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.28</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.84</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.47</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.23</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.16</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Market
 price, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.60</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.22</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.38</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.02</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.70</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="17" VALIGN=BOTTOM BGCOLOR="#E7ECF6" style="padding:3pt">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Total
 Investment Return<SUP>2</SUP></B></FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Based on
 net asset value</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.70</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.69</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.93</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.46</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.50</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Based on
 market price</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3.80</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.97</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8.91</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11.82</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="17" VALIGN=BOTTOM BGCOLOR="#E7ECF6" style="padding:3pt">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Ratios
 to Average Net Assets Applicable to Common Shares</B></FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses after waiver and fees paid indirectly<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.13</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.02</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.04</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.07</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses after waiver and before fees paid indirectly<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.13</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.01</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.08</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.25</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.29</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.32</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income<SUP>3</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.33</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.92</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.96</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.04</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.36</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 to Preferred Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.94</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.94</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.66</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.99</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.59</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income to Common Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.39</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.98</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.77</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 2px">&nbsp;

</TD>
</TR>
<TR>
<TD COLSPAN="17" VALIGN=BOTTOM BGCOLOR="#E7ECF6" style="padding:3pt">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Supplemental
 Data</B></FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid #1E5F95 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net assets
 applicable to Common Shareholders, end of year (000)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>70,544</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>73,302</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>76,393</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>75,193</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>69,903</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Preferred
 Shares outstanding at liquidation preference, end of year (000)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>44,650</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>44,650</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>44,650</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>44,650</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>44,650</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Portfolio
 turnover</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>27</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>22</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>27</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR BGCOLOR="#E6E6E6">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Asset
 coverage per Preferred Share, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>64,508</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>66,048</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>67,775</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>67,113</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>64,144</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL>1</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>Based on average shares outstanding.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL>2</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>Total investment returns based on market value, which can
 be significantly greater or lesser than the net asset value, may result in
 substantially different returns. Total investment returns exclude the effects
 of sales charges.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL>3</FONT></P>
</TD>
<TD VALIGN=TOP>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>Do not reflect the effect of dividends to Preferred
 Shareholders.</FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP COLSPAN=4>
<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>
</TD>
</TR>
<TR>
 <TD VALIGN=TOP COLSPAN=4>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT  SIZE=1 FACE=ARIAL>73</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="55%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="45%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>

</TD>
</TR>
<TR>
<TD COLSPAN="2" VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 FACE=ARIAL COLOR=#1E5F95>Financial Highlights</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL COLOR=#1E5F95><B>BlackRock Virginia Municipal Bond Trust
 (BHV)</B></FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="32%" VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER STYLE='MARGIN-LEFT:8.65PT;  TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Year
 Ended August 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER STYLE='MARGIN-LEFT:8.65PT;  TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD COLSPAN="14" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER STYLE='MARGIN-LEFT:8.65PT;  TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2006</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2005</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>2004</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Per Share Operating
Performance</B></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net asset
 value, beginning of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.57</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.35</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.34</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.47</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.46</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.11</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL><SUP>1</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.11</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.10</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.10</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized and unrealized gain (loss)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.45</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.68</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.04</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.80</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.86</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 and distributions to Preferred Shareholders from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.27</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.26</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.16</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.07</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.02</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 increase from investment operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.36</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.14</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.88</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.74</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.88</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>



<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 and distributions to Common Shareholders from:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.90</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.87</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.87</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.87</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.87</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>





<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 realized gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 dividends and distributions</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.90</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.92</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.87</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.87</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(0.87</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>



<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>




<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net asset
 value, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.03</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.57</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.35</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.34</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.47</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Market
 price, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19.50</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>17.85</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>18.45</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>17.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15.34</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Total Investment
Return<SUP>2</SUP></B></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Based on
 net asset value</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.59</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.21</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11.52</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13.28</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Based on
 market price</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.97</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.80</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12.23</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19.07</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12.79</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Ratios to Average Net
Assets Applicable
 to Common Shares</B></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses after waiver and fees paid indirectly and
 excluding interest expense and fees<SUP>3,4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.31</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.15</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.18</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.25</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses after waiver and fees paid indirectly<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.34</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.09</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.15</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.18</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.25</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total
 expenses after waiver and before fees paid indirectly<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.34</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.14</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.22</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.20</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.26</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Total expenses<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.70</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.58</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.68</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.67</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.73</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income<SUP>4</SUP></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.14</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.85</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.83</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.90</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.15</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Dividends
 to Preferred Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.90</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.69</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.60</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.47</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 investment income to Common Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.24</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.16</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.23</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.90</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.68</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 COLOR="#1E5F95" FACE=ARIAL><B>Supplemental
Data</B></FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP   style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net assets
 applicable to Common Shareholders, end of year (000)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>23,347</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>24,053</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>25,097</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>24,966</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>23,527</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Preferred
 Shares outstanding at liquidation preference, end of year (000)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12,175</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13,525</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13,525</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13,525</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13,525</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Portfolio
 turnover</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Asset
 coverage per Preferred Share, end of year</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>72,948</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>69,463</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>71,404</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>71,158</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>68,490</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="94%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-top:-2PX"><FONT FACE="ARIAL" SIZE="1"><SUP>1</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-top:2PX"><FONT SIZE=1 FACE=ARIAL>Based on average shares outstanding.</FONT></P>
</TD>
</TR>


<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-top:-2PX"><FONT FACE="ARIAL" SIZE="1"><SUP>2</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-top:2PX"><FONT SIZE=1 FACE=ARIAL>Total investment returns based on market value, which can
 be significantly greater or lesser than the net asset value, may result in
 substantially different returns. Total investment returns exclude the effects
 of sales charges.</FONT></P>
</TD>
</TR>


<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-top:-2PX"><FONT FACE="ARIAL" SIZE="1"><SUP>3</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-top:2PX"><FONT SIZE=1 FACE=ARIAL>Interest expense and fees relate to tender option bond
 trusts. See Note 1 of the Notes to Financial Statements for details of
 municipal bonds transferred to tender option bond trusts.</FONT></P>
</TD>
</TR>



<TR>
<TD VALIGN=TOP>
<P STYLE="MARGIN-top:-2PX"><FONT FACE="ARIAL" SIZE="1"><SUP>4</SUP> </FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE="MARGIN-top:2PX"><FONT SIZE=1 FACE=ARIAL>Do not reflect the effect of dividends to Preferred
 Shareholders.</FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=1 FACE=ARIAL>See Notes to Financial Statements.</FONT></P>



<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>74</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>

 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>
<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<TABLE ALIGN=CENTER BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>
 </TD>
 </TR>

<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>


  <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL><A NAME="A010"></A>Notes to Financial Statements</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  COLOR=#1E5F95 FACE=ARIAL><B>&nbsp;</B></FONT></P>
 </TD>
 </TR>

</table>

<P><FONT SIZE=2 FACE=ARIAL><B>1. Significant Accounting Policies:</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>BlackRock
Insured Municipal Income Investment Trust (&#147;Insured Investment&#148;) (formerly
BlackRock Florida Insured Municipal Income Trust), BlackRock Insured Municipal
Income Trust (&#147;Insured Municipal&#148;), BlackRock California Insured Municipal
Income Trust (&#147;California Insured&#148;), BlackRock New York Insured Municipal
Income Trust (&#147;New York Insured&#148;) (collectively the &#147;Insured Trusts&#148;),
BlackRock Municipal Bond Trust (&#147;Municipal Bond&#148;), BlackRock Municipal Bond
Investment Trust (&#147;Bond Investment&#148;) (formerly BlackRock Florida Municipal Bond
Trust), BlackRock California Municipal Bond Trust (&#147;California Bond&#148;),
BlackRock Maryland Municipal Bond Trust (&#147;Maryland Bond&#148;), BlackRock New Jersey
Municipal Bond Trust (&#147;New Jersey Bond&#148;), BlackRock New York Municipal Bond
Trust (&#147;New York Bond&#148;), BlackRock Virginia Municipal Bond Trust (&#147;Virginia
Bond&#148;) (collectively the &#147;Bond Trusts&#148;), BlackRock Municipal Income Trust II
(&#147;Municipal Income II&#148;), BlackRock California Municipal Income Trust II
(&#147;California Income II&#148;) and BlackRock New York Municipal Income Trust II (&#147;New
York Income II&#148;) (collectively the &#147;Income II Trusts&#148;) (all, collectively the
&#147;Trusts&#148;) were organized as Delaware statutory trusts. Insured Municipal,
Municipal Bond and Municipal Income II are registered under the Investment
Company Act of 1940, as amended (the &#147;1940 Act&#148;) as diversified, closed-end
management investment companies. Insured Investment, Bond Investment,
California Insured, California Bond, California Income II, Maryland Bond, New
Jersey Bond, New York Insured, New York Bond, New York Income II and Virginia
Bond are registered under the 1940 Act as non-diversified, closed-end
management investment companies. The Trusts&#146; financial statements are prepared
in conformity with accounting principles generally accepted in the United
States of America, which may require the use of management accruals and
estimates. Actual results may differ from these estimates. Each Trust
determines, and makes available for publication the net asset value of its
Common Shares on a daily basis.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The
following is a summary of significant accounting policies followed by the
Trusts:</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Valuation of Investments: </B><FONT FACE=ARIAL>Municipal investments
(including commitments to purchase such investments on a &#147;when-issued&#148; basis)
are valued on the basis of prices provided by dealers or pricing services
selected under the supervision of each Trust&#146;s Board of Trustees (the &#147;Board&#148;).
In determining the value of a particular investment, pricing services may use
certain information with respect to transactions in such investments,
quotations from dealers, pricing matrixes, market transactions in comparable
investments and various relationships between investments. Financial futures
contracts traded on exchanges are valued at their last sale price. Swaps are
valued by quoted fair values received daily by the Trusts&#146; pricing service or
through brokers. Short-term securities are valued at amortized cost.
Investments in open-end investment companies are valued at net asset value each
business day.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>In the
event that application of these methods of valuation results in a price for an
investment which is deemed not to be representative of the market value of such
investment, the investment will be valued by a method approved by the Board as
reflecting fair value (&#147;Fair Value Assets&#148;). When determining the price for
Fair Value Assets, the investment advisor and/or sub-advisor seeks to determine
the price that each Trust might reasonably expect to receive from the current
sale of that asset in an arm&#146;s-length transaction. Fair value determinations
shall be based upon all available factors that the investment advisor and/or
sub-advisor deems relevant. The pricing of all Fair Value Assets is subsequently
reported to the Board or a committee thereof.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Derivative Financial Instruments: </B><FONT FACE=ARIAL>The Trusts may engage in
various portfolio investment strategies both to increase the return of the
Trusts and to hedge, or protect, their exposure to interest rate movements and
movements in the securities markets. Losses may arise if the value of the
contract decreases due to an unfavorable change in the price of the underlying
security, or if the counterparty does not perform under the contract.</FONT></FONT></P>

<TABLE ALIGN=CENTER BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Financial futures contracts&#151;Each
 Trust may purchase or sell financial futures contracts and options on such
 futures contracts. Futures contracts are contracts for delayed delivery of
 securities at a specific future date and at a specific price or yield. Upon
 entering into a contract, a Trust deposits and maintains as collateral such
 initial margin as required by the exchange on which the transaction is
 effected. Pursuant to the contract, the Trust agrees 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
 recognized by the Trust as unrealized gains or losses. When the contract is
 closed, the Trust records 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.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>&#149;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Forward interest rate swaps&#151;Each
 Trust may enter into forward interest rate swaps. In a forward interest rate
 swap, a Trust and the counterparty agree to make periodic net payments on a
 specified notional contract amount, commencing on a specified future
 effective date, unless terminated earlier. Changes in the value of the
 forward interest rate swap are recognized as unrealized gains and losses.
 When the agreement is closed, the Trust records a realized gain or loss in an
 amount equal to the value of the agreement. The Trusts generally intends to
 close each forward interest rate swap before the effective date specified in
 the agreement and therefore avoid entering into the interest rate swap
 underlying each forward interest rate swap.</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL><B>Forward Commitments and When-Issued Delayed Delivery Securities: </B><FONT FACE=ARIAL>The Trusts
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 Trusts may purchase securities under such conditions only 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 Trusts may be
required to pay more at settlement than the security is worth. In addition, the
purchaser is not entitled to any of the interest earned prior to settlement.
Upon making a commitment to purchase a security on a when-issued basis, the
Trusts will hold liquid assets worth at least the equivalent of the amount due.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Municipal Bonds Transferred to Tender Option Bond Trusts: </B><FONT FACE=ARIAL>The Trusts
may leverage their assets through the use of tender option bond trusts
(&#147;TOBs&#148;). A TOB is established by a third party sponsor forming a special
purpose entity, into which one or more funds, or an agent on behalf of the
funds,</FONT></FONT></P>

<TABLE ALIGN=CENTER BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>75</FONT></P>
 </TD>
 </TR>
</table>
<BR>





<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="80%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>
 </TD>
 </TR>

<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>


  <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Notes to Financial Statements (continued)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  COLOR=#1E5F95 FACE=ARIAL><B>&nbsp;</B></FONT></P>
 </TD>
 </TR>

</table>


<P><FONT SIZE=2 FACE=ARIAL><FONT FACE=ARIAL>transfers
municipal securities. Other funds managed by the investment advisor may also
contribute municipal securities to a TOB into which a Trust has contributed
securities. A TOB typically issues two classes of beneficial interests:
short-term floating rate certificates, which are sold to third party investors,
and residual certificates (&#147;TOB Residuals&#148;), which are generally issued to the
participating funds that made the transfer. The TOB Residuals held by the
Trusts include the right of the Trusts (1) to cause the holders of a
proportional share of the floating rate certificates to tender their
certificates at par, and (2) to transfer, within seven days, a corresponding
share of the municipal securities from the TOB to the Trusts. The cash received
by the TOB from the sale of the short-term floating rate certificates, less
transaction expenses, is paid to the Trusts, which typically invest the cash in
additional municipal securities. The Trusts&#146; transfer of the municipal
securities to a TOB is accounted for as a secured borrowing, therefore the
municipal securities deposited into a TOB are presented in each Trust&#146;s
Schedule of Investments and the proceeds from the transaction are reported as a
liability of the Trusts.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Interest
income from the underlying securities is recorded by the Trusts on an accrual
basis. Interest expense incurred on the secured borrowing and other expenses
related to remarketing, administration and trustee services to a TOB are reported
as expenses of the Trusts. The floating rate certificates have interest rates
that generally reset weekly and their holders have the option to tender
certificates to the TOB for redemption at par at each reset date. At August 31,
2008, the aggregate value of the underlying municipal securities transferred to
TOBs, the related liability for trust certificates and the range of interest
rates were as follows:</FONT></P>

<TABLE ALIGN="CENTER" BORDER=0 CELLSPACING="0" CELLPADDING="0" WIDTH="99%">
<TR style="font-size:1px">
<TD WIDTH="35%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN="BOTTOM">
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN="BOTTOM">
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="BOTTOM">
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN="TOP">
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN="BOTTOM">
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD COLSPAN="4" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Underlying<BR>
 Municipal<BR>
 Securities<BR>
 Transferred to<BR>
 TOBs</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Liability
 for<BR>
 Trust<BR>
 Certificates</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Range
 of<BR>
 Interest<BR>
 Rates</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1px">
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Insured Investment</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>44,590,725</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>31,604,874</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.809%-2.001</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Insured Municipal</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>117,084,591</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>78,959,602</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.731%-2.536</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Bond Investment</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,377,813</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,596,361</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.727%-1.900</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Municipal Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>15,654,625</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,965,454</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.689%-2.001</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Municipal Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>61,105,362</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>39,398,524</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.689%-2.511</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>California Insured</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12,835,897</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,932,521</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.755%-2.001</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>California Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,048,827</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,998,847</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.687</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>California Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>17,796,412</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12,184,299</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.687%-1.728</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Maryland Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,044,910</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,998,500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.768</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>New Jersey Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,588,525</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,030,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.746%-1.911</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>New York Insured</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>21,690,492</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14,335,035</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.739%-2.001</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>New York Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,488,035</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,788,744</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.730</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Virginia Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,046,612</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,330,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.701</FONT></P>
</TD>
<TD VALIGN=TOP BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>Financial
transactions executed through TOBs generally will underperform the market for
fixed rate municipal bonds in a rising interest rate environment, but tend to
outperform the market for fixed rate bonds when interest rates decline or
remain relatively stable. Should short-term interest rates rise, the Trusts&#146;
investments in TOBs likely will adversely affect the Trusts&#146; investment income
and distributions to Common Shareholders. Fluctuations in the market value of
municipal securities deposited into the TOB may adversely affect each Trust&#146;s
net asset values per share.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Zero-Coupon Bonds: </B><FONT FACE=ARIAL>The Trusts may invest in
zero-coupon bonds, which are normally issued at a significant discount from
face value and do not provide periodic interest payments. Zero-coupon bonds may
experience greater volatility in market value than similar maturity debt
obligations which provide for regular interest payments.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Segregation: </B><FONT FACE=ARIAL>In cases in which the 1940 Act and the interpretive
positions of the Securities and Exchange Commission (&#147;SEC&#148;) require that each
Trust segregate assets in connection with certain investments (e.g., futures
and swaps) or certain borrowings, each Trust will, consistent with certain
interpretive letters issued by the SEC, designate on its books and records cash
or other liquid debt securities having a market value at least equal to the
amount that would otherwise be required to be physically segregated.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Investment Transactions and Investment Income: </B><FONT FACE=ARIAL>Investment
transactions are recorded on the dates the transactions are entered into (the
trade dates). Realized gains and losses on security transactions are determined
on the identified cost basis. Dividend income is recorded on the ex-dividend
dates. Interest income is recognized on the accrual method. Each Trust
amortizes all premiums and discounts on debt securities. Consent fees are
compensation for agreeing to changes in the terms of debt instruments and are
included in interest income on the Statements of Operations. For the year ended
August 31, 2008, the Trusts had consent fees as follows:</FONT></FONT></P>

<TABLE ALIGN=CENTER BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="83%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" COLSPAN="2" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" COLSPAN="2" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
</tr>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="4" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Consent
 Fees</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
</tr>

<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Bond Investment</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>150,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Municipal Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>525,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Municipal Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>625,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>California Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>175,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>California Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>200,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Maryland Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>100,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>New Jersey Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>100,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>New York Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>125,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>New York Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>200,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Virginia Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1 FACE=ARIAL>75,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;
</TD>
</tr>


</TABLE>

<P><FONT SIZE=2 FACE=ARIAL><B>Dividends and Distributions: </B><FONT FACE=ARIAL>Dividends from net
investment income are declared daily and paid monthly. Distributions of capital
gains are recorded on the ex-dividend dates. Dividends and distributions to
Preferred Shareholders are accrued and determined as described in Note 4.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Income Taxes: </B><FONT FACE=ARIAL>It is each Trust&#146;s policy to comply with the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute substantially all of its taxable income to its
shareholders. Therefore, no federal income tax provisions are required.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Effective
February 29, 2008, the Trusts implemented Financial Accounting Standards Board
(&#147;FASB&#148;) Interpretation No. 48, &#147;Accounting for Uncertainty in Income Taxes &#151;
an interpretation of FASB Statement No. 109&#148; (&#147;FIN 48&#148;). FIN 48 prescribes the
minimum recognition threshold a tax position must meet in connection with
accounting for uncertainties in income tax positions taken or expected to be
taken by an entity, including investment companies, before being measured and
recognized in the financial statements. The investment advisor has evaluated
the application of FIN 48 to the Trusts, and has determined that the adoption
of FIN 48 does not have a material impact on the Trusts&#146; financial statements.
Each Trust files U.S. federal and various state and local tax returns. No
income tax returns are currently under examination. The statute of limitations
on the</FONT></P>

<TABLE ALIGN=CENTER BORder=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>76</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="80%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>
 </TD>
 </TR>

<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>


  <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Notes to Financial Statements (continued)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  COLOR=#1E5F95 FACE=ARIAL><B>&nbsp;</B></FONT></P>
 </TD>
 </TR>

</table>

<P><FONT SIZE=2 FACE=ARIAL>Trusts&#146;
U.S. federal tax returns remain open for the years ended August 31, 2005
through August 31, 2007. The statutes of limitations on the Trusts&#146; state and
local tax returns may remain open for an additional year depending upon the
jurisdiction.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Recent Accounting Pronouncements: </B><FONT FACE=ARIAL>In September 2006, Statement
of Financial Accounting Standards No. 157, &#147;Fair Value Measurements&#148; (&#147;FAS
157&#148;), was issued and is effective for fiscal years beginning after November
15, 2007. FAS 157 defines fair value, establishes a framework for measuring
fair value and expands disclosures about fair value measurements. The impact on
the Trusts&#146; financial statement disclosures, if any, is currently being
assessed.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>In March
2008, Statement of Financial Accounting Standards No. 161, &#147;Disclosures about
Derivative Instruments and Hedging Activities &#151; an amendment of FASB Statement
No. 133&#148; (&#147;FAS 161&#148;), was issued. FAS 161 is intended to improve financial
reporting for derivative instruments by requiring enhanced disclosure that
enables investors to understand how and why an entity uses derivatives, how
derivatives are accounted for, and how derivative instruments affect an
entity&#146;s results of operations and financial position. In September 2008, FASB
Staff Position No. 133-1 and FASB Interpretation No. 45-4 (the &#147;FSP&#148;),
&#147;Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of
FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the
Effective Date of FASB Statement No. 161&#148; was issued and is effective for
fiscal years and interim periods ending after November 15, 2008. The FSP amends
FASB Statement No. 133, &#147;Accounting for Derivative Instruments and Hedging
Activities,&#148; to require disclosures by sellers of credit derivatives, including
credit derivatives embedded in hybrid instruments. The FSP also clarifies the
effective date of FAS 161, whereby disclosures required by FAS 161 are
effective for financial statements issued for fiscal years and interim periods
beginning after November 15, 2008. The impact on the Trusts&#146; financial
statement disclosures, if any, is currently being assessed.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Deferred Compensation and BlackRock Closed-End Share Equivalent
Investment Plan: </B><FONT FACE=ARIAL>Under the deferred compensation plan approved by each
Trust&#146;s Board, non-interested Trustees (&#147;Independent Trustees&#148;) 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
other certain BlackRock Closed-End Funds selected by the Independent Trustees.
This has approximately the same economic effect for the Independent Trustees as
if the Independent Trustees had invested the deferred amounts directly in other
certain BlackRock Closed-End Funds.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The
deferred compensation plan is not funded and obligations thereunder represent
general unsecured claims against the general assets of each Trust. Each Trust
may, however, elect to invest in common shares of other certain BlackRock Closed-End
Funds selected by the Independent Trustees in order to match their deferred
compensation obligations. Investments to cover each Trust&#146;s deferred
compensation liability are included in other assets on the Statements of Assets
and Liabilities. Dividends and distributions from the BlackRock Closed-End Fund
investments under the plan are included in income from affiliates on the
Statements of Operations.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Other: </B><FONT FACE=ARIAL>Expenses directly related to each Trust are charged to
that Trust. Other operating expenses shared by several funds are pro-rated
among those funds on the basis of relative net assets or other appropriate
methods.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>2. Investment Advisory Agreement and Other Transactions with Affiliates:</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Each Trust
entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the
&#147;Advisor&#148;), an indirect, wholly owned subsidiary of BlackRock, Inc., to provide
investment advisory and administration services. Merrill Lynch &amp; Co., Inc.
(&#147;Merrill Lynch&#148;) and The PNC Financial Services Group, Inc. are principal
owners of BlackRock, Inc.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The Advisor
is responsible for the management of each Trust&#146;s portfolio and provides the
necessary personnel, facilities, equipment and certain other services necessary
to the operations of each Trust. For such services, each Trust pays the Advisor
a monthly fee at an annual rate of 0.55% for the Insured Trusts and Income II
Trusts and 0.65% for the Bond Trusts of each Trust&#146;s average daily net assets.
Average daily net assets is the average daily value of the Trusts&#146; total assets
minus the sum of its accrued liabilities.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The Advisor
has voluntarily agreed to waive a portion of the investment advisory fee. With
respect to the Insured Trusts, the waiver, as a percentage of average daily net
assets as follows: 0.20% for the first five years of each Trust&#146;s operations,
0.15% in year six, 0.10% in year seven, and 0.05% in year eight. With respect
to the Bond Trusts, the waiver, as a percentage of average daily net assets, is
as follows: 0.30% for the first five years of each Trust&#146;s operations, 0.25% in
year six, 0.20% in year seven, 0.15% in year eight, 0.10% in year nine and
0.05% in year 10. With respect to the Income II Trusts, the waiver, as a
percentage of average daily net assets, is as follows: 0.15% for the first five
years of each Trust&#146;s operations, 0.10% in year six through year seven, and
0.05% in year eight through year 10. For the year ended August 31, 2008, the
Advisor waived the following amounts, which are included in fees waived by
advisor on the Statements of Operations:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="86%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Insured Investment</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>323,314</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Insured Municipal</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>969,339</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Bond Investment</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>188,759</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Municipal Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>569,695</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Municipal Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>533,719</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>California Insured</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>195,365</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>California Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>191,588</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>California Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>188,436</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Maryland Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>107,549</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>New Jersey Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>127,343</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>New York Insured</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>237,219</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>New York Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>154,168</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>New York Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>117,305</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Virginia Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>87,775</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>77</FONT></P>
 </TD>
 </TR>
</table>
<BR>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="80%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>
 </TD>
 </TR>

<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>


  <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Notes to Financial Statements (continued)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  COLOR=#1E5F95 FACE=ARIAL><B>&nbsp;</B></FONT></P>
 </TD>
 </TR>

</table>


<P><FONT SIZE=2 FACE=ARIAL>The Advisor
has agreed to waive its advisory fees by the amount of investment advisory fees
each Trust pays to the Advisor indirectly through its investment in affiliated
money market funds. These amounts are included in fees waived by advisor on the
Statements of Operations. For the year ended August 31, 2008, the amounts were
as follows:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="85%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Insured Investment</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>42,017</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Insured Municipal</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>33,008</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Bond Investment</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>17,283</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Municipal Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11,236</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Municipal Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>36,070</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>California Insured</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>27,113</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>California Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>22,097</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>California Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>609</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Maryland Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,454</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>New Jersey Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,224</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>New York Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,860</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>New York Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,654</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL>The Advisor
has entered into a separate sub-advisory agreement with BlackRock Financial
Management, Inc. (&#147;BFM&#148;), an affiliate of the Advisor, with respect to each
Trust, under which the Advisor pays BFM for services it provides, a monthly fee
that is a percentage of the investment advisory fee paid by each Trust to the
Advisor.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>For the
year ended August 31, 2008, the Trusts reimbursed the Advisor for certain
accounting services. The reimbursements, which are included in accounting
services on the Statements of Operations, were as follows:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="85%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Insured
 Investment</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,132</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Insured
 Municipal</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,359</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Bond
 Investment</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>847</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Municipal
 Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,646</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Municipal
 Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,605</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>California
 Insured</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,329</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>California
 Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>857</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>California
 Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,041</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Maryland
 Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>505</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>New
 Jersey Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>566</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>New
 York Insured</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,560</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>New
 York Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>698</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>New
 York Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,233</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Virginia
 Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>398</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL>Pursuant to
the terms of the custody agreement, custodian fees may be reduced by amounts
calculated on uninvested cash balances (&#147;custody credits&#148;), which are shown on
the Statements of Operations as fees paid indirectly.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Certain
officers and/or trustees of the Trusts are officers and/or directors of
BlackRock, Inc. or its affiliates. The Trusts reimburse the Advisor for
compensation paid to the Trusts&#146; Chief Compliance Officer.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>3. Investments:</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Purchases
and sales of investment securities, excluding short-term investments, for the
year ended August 31, 2008 were as follows:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="67%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Purchases</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Sales</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Insured Investment</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>57,487,097</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>57,426,235</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Insured Municipal</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>230,328,403</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>244,213,383</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Bond Investment</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>23,210,777</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>24,611,469</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Municipal Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>63,781,885</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>69,219,581</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Municipal Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>110,865,287</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>122,338,665</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>California Insured</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>40,825,545</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>48,880,980</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>California Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>18,364,969</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20,865,842</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>California Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>62,558,369</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>74,254,338</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Maryland Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,961,269</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,832,042</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>New Jersey Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,765,883</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,117,622</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>New York Insured</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>37,318,048</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>34,499,538</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>New York Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12,355,567</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11,836,759</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>New York Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13,163,497</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14,751,321</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Virginia Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,103,986</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,608,385</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL><B>4. Capital Share Transactions:</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Common Shares</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Each of the
Trusts are authorized to issue an unlimited number of shares, including
Preferred Shares, par value $0.001 per share, all of which were initially
classified as Common Shares. Each Trust&#146;s Board is authorized, however, to
reclassify any unissued shares without approval of Common Shareholders.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Shares
issued and outstanding during the years ended August 31, 2008 and August 31,
2007 increased by the following amounts as a result of dividend reinvestment:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="65%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Year
 Ended<BR>
 August 31, 2008</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Year
 Ended<BR>
 August 31, 2007</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Insured Municipal</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,322</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Bond Investment</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,553</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,341</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Municipal Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>58,148</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>63,348</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Municipal Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>91,244</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>128,267</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>California Insured</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,344</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>587</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>California Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>22,468</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>21,441</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>California Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,688</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,405</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Maryland Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,599</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,328</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>New Jersey Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,138</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10,244</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>New York Insured</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,180</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>New York Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20,407</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>21,768</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>New York Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,272</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,781</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Virginia Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,252</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,277</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL><B>Preferred Shares</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The
Preferred Shares have a liquidation value of $25,000 per share plus accrued and
unpaid dividends, that entitle their holders to receive cash dividends at
varying annualized rates for each dividend period.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The Trusts
may not declare dividends or make other distributions on Common
Shares or purchase any such shares if, at the time of the declaration,
distribution or purchase, asset coverage with respect to the outstanding
Preferred Shares is less than 200%.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The
Preferred Shares are redeemable at the option of each Trust, in whole or in
part, on any dividend payment date at their liquidation preference plus any
accumulated unpaid dividends whether or not declared. The Preferred Shares are
also subject to mandatory redemption at their liquidation prefer-</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>78</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>



<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=6 WIDTH="100%" NOSHADE COLOR=#7897C3 ALIGN=CENTER>

</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Notes to Financial
 Statements (continued) </FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL>ence plus any accumulated or unpaid dividends, whether or not declared,
if certain requirements relating to the composition of the assets and
liabilities of a Trust, as set forth in each Trust&#146;s Statements of
Preferences/Articles Supplementary/Certificates of Designation, as applicable,
are not satisfied.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>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, holders of
Preferred Shares, voting as a separate class, are also entitled to elect two
Trustees for each Trust. 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 Trust&#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.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The Trusts had the following series of Preferred Shares outstanding and
effective yields at August 31, 2008:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="69%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="4%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Series</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Shares</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Yields</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Insured Investment</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>M-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,775</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.802</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Insured Municipal</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>M-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,999</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.802</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>R-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,999</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.802</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>F-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,999</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.802</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Bond Investment</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>W-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,047</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.772</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Municipal Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>T-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,610</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.742</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>R-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,610</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.802</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Municipal Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>M-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,660</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.803</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>T-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,661</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.742</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>W-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,660</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.772</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>R-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,661</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.803</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>California Insured</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>F-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,502</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.802</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>California Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>F-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,119</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.802</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>California Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>T-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,195</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.741</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>R-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,195</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.803</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Maryland Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>R-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>640</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.802</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>New Jersey Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>M-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>768</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.802</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>New York Insured</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>R-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,667</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.802</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>New York Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>T-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>896</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.742</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>New York Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>W-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,786</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.772</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Virginia Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>R-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>487</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.802</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL>Each Trust pays commissions to certain broker-dealers at the end of
each auction at an annual rate of 0.25%, calculated on the aggregate principal
amount. For the year ended August 31, 2008, Merrill Lynch, Pierce, Fenner &amp;
Smith Incorporated, a wholly owned subsidiary of Merrill Lynch, earned
commissions as follows:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="85%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Commissions</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Insured Investment</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,930</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Insured Municipal</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>19,387</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Bond Investment</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,320</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Municipal Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>35,916</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Municipal Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>176,263</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>California Insured</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,980</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>California Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,104</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>California Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>69,547</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Maryland Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,725</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>New Jersey Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12,946</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>New York Insured</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7,060</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>New York Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,146</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>New York Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>37,649</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Virginia Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,372</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL>On June 4, 2008, the Trusts announced the following redemptions of
Preferred Shares at a price of $25,000 per share plus any accrued and unpaid
dividends through the redemption dates:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="50%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN="RIGHT"><FONT SIZE=1  FACE=ARIAL><B>Series</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Redemption<BR>
 Date</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Shares<BR>
 Redeemed</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Aggregate<BR>
 Principal</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Insured Investment</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>M-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>6/24/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,265</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>31,625,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Insured Municipal</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>M-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>6/24/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,054</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>26,350,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>R-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>6/27/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,054</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>26,350,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>F-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>6/30/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,054</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>26,350,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Bond Investment</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>W-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>6/26/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>144</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,600,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Municipal Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>T-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>6/25/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>200</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>R-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>6/27/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>200</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,000,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Municipal Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>M-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>6/24/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>395</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,875,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>T-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>6/25/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>395</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,875,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>W-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>6/26/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>395</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,875,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>R-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>6/27/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>395</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9,875,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>California Insured</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>F-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>6/30/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>358</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,950,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>California Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>F-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>6/30/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>80</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>California Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>T-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>6/25/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>244</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,100,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>R-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>6/27/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>244</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,100,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Maryland Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>R-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>6/27/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>80</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,000,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>New Jersey Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>M-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>6/24/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>41</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,025,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>New York Insured</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>R-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>6/27/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>573</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14,325,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>New York Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>T-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>6/25/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>72</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,800,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Virginia Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>R-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL>6/27/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>54</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,350,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL>The Trusts financed the Preferred Share redemptions with cash received
from TOB transactions.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Shares issued and outstanding for the year ended August 31, 2007
remained constant.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Dividends on seven-day Preferred Shares are cumulative at a rate which
is reset every seven days based on the results of an auction. If the Preferred
Shares fail to clear the auction on an auction date, the Trust is required to
pay the maximum applicable rate on the Preferred Shares to holders of such
shares for successive dividend periods until such time as the shares are
successfully auctioned. The maximum applicable rate on the Preferred Shares is
the higher of 110% of the AA commercial paper rate or 110% of 90% of the Kenny
S&amp;P 30-day High Grade Index rate divided by 1.00 minus the marginal tax
rate. During the year ended August 31, 2008, the Preferred Shares of the Trusts
were successfully remarketed at each remar-keting date until February 13, 2008.
The low, high and average dividend rates on the Preferred Shares for each Trust
for the year ended August 31, 2008 were as follows:</FONT></P>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT  SIZE=1 FACE=ARIAL>79</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=6 WIDTH="100%" NOSHADE COLOR=#7897C3 ALIGN=CENTER>

</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>


<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Notes to Financial
 Statements (continued) </FONT></P>
</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="58%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="6%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Series</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Low</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>High</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Average</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Insured Investment</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>M-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.483</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.860</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.883</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Insured Municipal</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>M-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.400</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.508</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3.212</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>R-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1.950</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.508</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3.121</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>F-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.560</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3.159</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Bond Investment</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>W-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.480</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.780</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3.273</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Municipal Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>T-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.535</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3.598</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>R-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.458</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3.551</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Municipal Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>

</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>M-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.483</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.600</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3.446</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>T-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.536</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.399</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3.383</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>W-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.481</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3.424</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>R-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.459</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.600</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3.433</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>California Insured</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>F-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.483</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.508</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3.120</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>California Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>F-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.483</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.970</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3.417</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>California Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>T-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.536</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.356</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3.222</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>R-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.350</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.508</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3.284</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Maryland Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>R-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.900</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3.281</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>New Jersey Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>M-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.483</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.810</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3.357</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>New York Insured</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>R-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.100</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3.196</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>New York Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>T-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.535</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3.365</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>New York Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>W-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.090</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.356</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3.221</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Virginia Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>R-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.458</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.860</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3.415</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>%</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL>Since February 13, 2008, the Preferred Shares of the Trusts failed to
clear any of their auctions. As a result, the Preferred Shares dividend rates
were reset to the maximum applicable rate, which ranged from 2.458% to 4.508%.
A failed auction is not an event of default for the Trusts but it has a
negative impact on the liquidity of Preferred Shares. A failed auction occurs
when there are more sellers of a fund&#146;s auction rate preferred shares than
buyers. It is impossible to predict how long this imbalance will last. A
successful auction for the Trusts&#146; Preferred Shares may not occur for some
time, if ever, and even if liquidity does resume, holders of the Preferred
Shares may not have the ability to sell the Preferred Shares at its liquidation
preference.</FONT></P>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>80</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=6 WIDTH="100%" NOSHADE COLOR=#7897C3 ALIGN=CENTER>

</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Notes to Financial
 Statements (continued) </FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL><B>5. Income Tax Information:</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Reclassifications: </B><FONT FACE=ARIAL>Accounting principles generally
accepted in the United States of America require that certain components of net
assets be adjusted to reflect permanent differences between financial and tax
reporting. These reclassifications have no effect on net assets or on net asset
values per share. The following permanent differences as of August 31, 2008
attributable to the reclassification of distributions, amortization methods on
fixed income securities, non-deductible expenses and the tax classification of
distributions received from a regulated investment company were reclassified to
the following accounts:</FONT></FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="26%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Insured<BR>
 Municipal</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Bond<BR>
 Investment</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Municipal<BR>
 Bond</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Municipal<BR>
 Income II</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>California<BR>
 Insured</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>California
 <BR>
 Bond</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Increase
 (decrease) paid-in capital</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(216</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(5,289</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Increase
 (decrease) undistributed net investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(86</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>216</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(589</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,972</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(58</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(29</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Increase
 (decrease) accumulated net realized gain (loss)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>86</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>589</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>317</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>58</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>29</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>California
 <BR>
 Income II</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Maryland
 <BR>
 Bond</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>New
 York <BR>
 Bond</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Virginia
 <BR>
 Bond</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Increase
 (decrease) paid-in capital</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,793</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(791</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(889</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(560</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Increase
 (decrease) undistributed net investment income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,793</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>791</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>889</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>560</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Increase
 (decrease) accumulated net realized gain (loss)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN="23" VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>The tax character
 of distributions paid during the years ended August 31, 2008 and August 31,
 2007 was as follows:</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Insured
 <BR>
 Investment</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Insured
 <BR>
 Municipal</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Bond
 <BR>
 Investment</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Municipal
 <BR>
 Bond</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Municipal
 <BR>
 Income II</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>California
 <BR>
 Insured</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>California
 <BR>
 Bond</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Tax-exempt income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>8/31/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,537,681</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>26,084,992</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,002,593</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12,276,190</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>26,211,919</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,060,164</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,981,070</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>8/31/07</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,790,601</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>26,427,245</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,166,843</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13,776,807</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>28,834,088</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,174,303</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,187,271</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Ordinary income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>8/31/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>130,903</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>767,868</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>555,732</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>152,539</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>8/31/07</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>472,264</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Long-term
 capital gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>8/31/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,005,577</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>8/31/07</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,377,279</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Total</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>8/31/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,537,681</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>26,084,992</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,133,496</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14,049,635</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>26,767,651</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,060,164</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,133,609</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>8/31/07</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,790,601</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>28,276,788</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,166,843</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>13,776,807</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>28,834,088</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,174,303</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4,187,271</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>California
 <BR>
 Income II</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Maryland
 <BR>
 Bond</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>New Jersey<BR>
 Bond</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>New
 York <BR>
 Insured</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>New
 York <BR>
 Bond</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>New
 York <BR>
 Income II</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Virginia
 <BR>
 Bond</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Tax-exempt
 income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>8/31/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,339,031</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,261,125</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,765,306</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,143,118</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,241,520</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,062,849</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,789,269</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>8/31/07</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,653,938</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,357,909</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,824,513</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,166,546</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,314,543</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,084,774</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,761,510</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Ordinary income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>8/31/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>174,151</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>85,254</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>86,258</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>108,227</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>172,985</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>63,559</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>8/31/07</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Long-term
 capital gain</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>

</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>8/31/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>40,379</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>28,734</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>303,996</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>81,671</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>120,168</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>8/31/07</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,830</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>437,259</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>106,815</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Total</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>8/31/08</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,513,182</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,386,758</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,880,298</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,447,114</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,431,418</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,356,002</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,852,828</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>8/31/07</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,653,938</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,360,739</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,824,513</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6,603,805</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3,314,543</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5,084,774</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,868,325</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="RIGHT"><FONT  SIZE=1 FACE=ARIAL>81</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR SIZE=6 WIDTH="100%" NOSHADE COLOR=#7897C3 ALIGN=CENTER>

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Notes to Financial
 Statements (continued) </FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL>As of August 31, 2008, the tax components of accumulated earnings
(losses) were as follows:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="29%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Insured<BR>
 Investment</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Insured<BR>
 Municipal</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Bond<BR>
 Investment</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Municipal<BR>
 Bond</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Municipal<BR>
 Income II</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>California<BR>
 Insured</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>California<BR>
 Bond</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Undistributed
 tax-exempt income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>779,097</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,593,244</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>166,336</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>440,186</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>409,447</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>312,531</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Undistributed
 ordinary income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Capital
 loss carryforwards</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(469,401</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(4,761,864</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(45,701</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,183,459</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(6,746,725</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,069,649</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(477,260</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 unrealized gains (losses)*</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>71,889</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,803,645</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,173,063</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,027,109</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(7,799,541</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>218,683</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,717,172</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Accumulated Net Earnings (Losses)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>381,585</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,972,265</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,293,698</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,770,382</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(14,136,819</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(538,435</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,239,912</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>California<BR>
 Income II</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Maryland<BR>
 Bond</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>New
 Jersey<BR>
 Bond</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>New
 York<BR>
 Insured</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>New
 York<BR>
 Bond</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>New
 York<BR>
 Income II</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Virginia<BR>
 Bond</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Undistributed
 tax-exempt income</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>243,058</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>159,207</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>182,631</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>729,402</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>147,836</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>512,324</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>280,607</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Undistributed
 ordinary income</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>275</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>75,569</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Undistributed
 long-term net capital gains (capital loss carryforwards)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,699,611</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8,921</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(25,168</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(453,296</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>255,705</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Net
 unrealized gains (losses)*</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2,227,125</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>402,182</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(211,041</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(2,250,694</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,270,893</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>426,139</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>691,902</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL><B>Total Accumulated Net Earnings (Losses)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,229,428</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>570,585</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(53,578</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,521,292</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,418,729</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>485,167</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1,303,783</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>*</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>The difference between book-basis and tax-basis net
 unrealized gains (losses) is attributable primarily to the tax deferral of
 losses on wash sales, the difference between book and tax amortization
 methods for premiums and discounts on fixed income securities, the difference
 between book and tax treatment of residual interests in tender option bond
 trusts, the deferral of compensation to trustees, the timing of income
 recognition on partnership interests and the deferral of post-October capital
 losses for tax purposes.</FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL>As of August 31, 2008, the Trusts had capital loss carryforwards
available to offset future realized capital gains through the indicated
expiration dates:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="29%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Expires August 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Insured
 <BR>
 Investment</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Insured
 <BR>
 Municipal</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Bond
 <BR>
 Investment</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Municipal
 <BR>
 Bond</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>Municipal
 <BR>
 Income II</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>California
 <BR>
 Insured</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>California
 <BR>
 Bond</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>2012</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(5,097,889</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(477,260</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>2013</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(218,563</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(717,737</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>2014</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>2015</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,544,099</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(45,701</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>2016</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(250,838</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,217,765</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,183,459</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,648,836</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(351,912</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Total</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(469,401</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(4,761,864</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(45,701</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,183,459</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(6,746,725</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(1,069,649</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(477,260</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Expires August 31,</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>California
 <BR>
 Income II</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>New
 Jersey <BR>
 Bond</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL><B>New
 York <BR>
 Income II</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>2012</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,224,992</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>2013</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>2014</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>2015</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(360,789</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(70,160</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>2016</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(113,830</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(25,168</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(383,136</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>

<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Total</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(3,699,611</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(25,168</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>(453,296</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 2px">&nbsp;

</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>82</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="80%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>
 </TD>
 </TR>
<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Notes to Financial Statements (continued)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  COLOR=#1E5F95 FACE=ARIAL><B>&nbsp;</B></FONT></P>
 </TD>
 </TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL><B>6. Concentration Risk:</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Each
Trust&#146;s investments are concentrated in certain states, which may be affected
by adverse financial, social, environmental, economic, regulatory and political
factors.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Many
municipalities insure repayment of their bonds, which reduces the risk of loss
due to issuer default. The market value of these bonds may fluctuate for other
reasons, including market perception of the value of such insurance, and there
is no guarantee that the insurer will meet its obligation.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>7. Subsequent Events:</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The Trusts
paid a net investment income dividend to Common Shareholders in the following
amounts per share on October 1, 2008 to shareholders of record on September 15,
2008:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="85%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Common<BR>
 Dividend<BR>
 Per Share</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Insured Investment</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.058000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Insured Municipal</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.061000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Bond Investment</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.068800</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Municipal Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.072500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Municipal Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.066000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>California Insured</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.056000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>California Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.062000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>California Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.057000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Maryland Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.065400</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>New Jersey Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.070500</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>New York Insured</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.058000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>New York Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.068000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>New York Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.062500</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Virginia Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.072428</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL>The
dividends declared on Preferred Shares for the period September 1, 2008 to
September 30, 2008 were as follows:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="72%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Series</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Dividends<BR>
 Declared</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Insured Investment</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>M-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>161,627</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Insured Municipal</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>M-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>182,027</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>R-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>216,571</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>F-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>175,837</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Bond Investment</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>W-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>113,436</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Municipal Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>T-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>163,664</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>R-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>174,427</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Municipal Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>M-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>151,191</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>T-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>168,856</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>W-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>179,867</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>R-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>179,973</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>California Insured</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>F-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>132,119</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>California Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>F-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>98,430</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>California Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>T-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>121,483</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>R-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>129,484</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Maryland Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>R-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>69,337</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>New Jersey Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>M-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>69,933</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>New York Insured</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>R-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>180,602</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>New York Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>T-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>91,083</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>New York Income II</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>W-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>193,520</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Virginia Bond</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>R-7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>52,761</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL>On
September 12, 2008, the Board of Insured Investment, Insured Municipal,
California Insured and New York Insured voted unanimously to change certain
investment guidelines of the Trusts. Under normal circumstances, the Trusts are
required to invest at least 80% of their managed assets in municipal bonds
either (i) insured under an insurance policy purchased by the Trusts or (ii)
insured under an insurance policy obtained by the issuer of the municipal bond
or any other party. Historically, the Trusts have had an additional
non-fundamental investment policy limiting their purchases of insured municipal
bonds to those bonds insured by insurance providers with claims-paying
abilities rated AAA or Aaa at the time of investment.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Following
the onset of the credit and liquidity crises currently troubling the financial
markets, the applicable rating agencies lowered the claims-paying ability
rating of most of the municipal bond insurance providers below the highest
rating category. As a result, the Advisor recommended, and the Board approved,
an amended policy with respect to the purchase of insured municipal bonds that
such bonds must be insured by insurance providers or other entities with
claims-paying abilities rated at least investment grade. This investment grade
restriction is measured at the time of investment, and the Trusts will not be
required to dispose of municipal bonds they hold in the event of subsequent
downgrades. The Trusts&#146; new investment policy is, under normal conditions, to
invest at least 80% of their assets in municipal bonds insured by insurers or
other entities with claims-paying abilities rated AAA or Aaa at the time of
investment. Due to recent downgrades, some of the insurers insuring a portion
of the Trusts&#146; current holdings are already rated below the highest rating
category.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>In
addition, on September 12, 2008, the Board of Insured Investment and Bond
Investment (formerly BlackRock Florida Insured Municipal Income Trust and
BlackRock Florida Municipal Bond Trust, respectively) voted unanimously to change
a non-fundamental investment policy of the Trusts, and to rename the Trusts
&#147;BlackRock Insured Municipal Income Investment Trust&#148; and &#147;BlackRock Municipal
Bond Investment Trust&#148; respectively. The Trusts&#146; previous policy required the
Trusts, under normal circumstances, to invest at least 80% of their total
assets in Florida municipal bonds insured by insurers with claims-paying
abilities rated AAA or Aaa at the time of investment. Due to the repeal of the
Florida Intangible Personal Property Tax as of January 2007, the Board has
approved an amended policy allowing the Trusts flexibility to invest in
municipal obligations regardless of geographic location, as well as revising
the policy with respect to the claims-paying ability rating adopted by the Trusts.
Under current market conditions, the Advisor anticipates that it will gradually
reposition each Trust&#146;s portfolio over time and that during such period the
Trusts may continue to hold a substantial portion of their assets in Florida
municipal bonds. At this time, it is uncertain how long the repositioning may
take, and the Trusts will continue to be subject to risks associated with
investing a significant portion of their assets in Florida municipal bonds
until the repositioning is complete.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The changes
to the Trusts&#146; non-fundamental investment policies described above do not alter
the Trusts&#146; investment objectives.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The Advisor
and the Board believe the amended policies will allow the Advisor to better
manage the Trusts&#146; portfolios in the best interests of the Trusts&#146; shareholders
and meet the Trusts&#146; investment objectives.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>83</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>




<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="80%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>
 </TD>
 </TR>

<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>


  <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL>Notes to Financial Statements (concluded)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1  COLOR=#1E5F95 FACE=ARIAL><B>&nbsp;</B></FONT></P>
 </TD>
 </TR>

</table>

<P><FONT SIZE=2 FACE=ARIAL>On
September 15, 2008, Bank of America Corporation announced that it has agreed to
acquire Merrill Lynch, one of the principal owners of BlackRock, Inc. The
purchase has been approved by the directors of both companies. Subject to
shareholder and regulatory approvals, the transaction is expected to close in
the first quarter of 2009.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>As of
August 31, 2008, Municipal Bond and Municipal Income II held bonds guaranteed
by Lehman Brothers Holdings Inc. (&#147;Lehman&#148;) valued at $908,200 and $1,153,414,
respectively. On September 15, 2008, Lehman filed for Chapter 11 bankruptcy,
which adversely impacted the value of the bonds. Collectability of principal
and interest on these bonds is not guaranteed.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>84</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>
 </TD>
 </TR>

<TR>
 <TD COLSPAN="2" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>


  <TR>
 <TD VALIGN=BOTTOM colspan=2>
 <P><FONT SIZE=4 COLOR=#1E5F95 FACE=ARIAL><A NAME=A011>Report of Independent Registered
  Public Accounting Firm</A></FONT></P>
</TD>

 </TR>

</table><BR>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><B>To the Trustees
 and Shareholders of:</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>BlackRock Insured Municipal Income
 Investment Trust</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>BlackRock Insured Municipal Income
Trust</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>BlackRock Municipal Bond Investment
Trust</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>BlackRock Municipal Bond
Trust</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>BlackRock Municipal Income Trust
II</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>BlackRock California Insured Municipal
 Income Trust</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>BlackRock California Municipal Bond
Trust</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>BlackRock California Municipal Income
 Trust II</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>BlackRock Maryland Municipal Bond
Trust</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>BlackRock New Jersey Municipal Bond
Trust</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>BlackRock New York Insured Municipal
 Income Trust</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>BlackRock New York Municipal Bond
Trust</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>BlackRock New York Municipal Income
Trust
 II</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL><B>BlackRock Virginia Municipal Bond
Trust:</B></FONT></P>
</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL>We have
audited the accompanying statements of assets and liabilities of BlackRock
Insured Municipal Income Investment Trust (formerly BlackRock Florida Insured
Municipal Income Trust), BlackRock Insured Municipal Income Trust, BlackRock
Municipal Bond Investment Trust (formerly BlackRock Florida Municipal Bond
Trust), BlackRock Municipal Bond Trust, BlackRock Municipal Income Trust II,
BlackRock California Insured Municipal Income Trust, BlackRock California
Municipal Bond Trust, BlackRock California Municipal Income Trust II, BlackRock
Maryland Municipal Bond Trust, BlackRock New Jersey Municipal Bond Trust,
BlackRock New York Insured Municipal Income Trust, BlackRock New York Municipal
Bond Trust, BlackRock New York Municipal Income Trust II, and BlackRock
Virginia Municipal Bond Trust (each a &#147;Trust&#148; and collectively the &#147;Trusts&#148;),
including the schedules of investments, as of August 31, 2008, and the related
statements of operations for the year then ended, the statements of changes in
net assets for each of the two years in the period then ended, and the
financial highlights for each of the five years in the period ended August 31,
2008. These financial statements and financial highlights are the
responsibility of the Trusts&#146; management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. The Trusts are not required to have, nor were we engaged to
perform an audit of their internal control over financial reporting. Our audits
included consideration of internal control over financial reporting as a basis
for designing audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the
Trusts&#146; internal control over financial reporting. Accordingly,
we express no such opinion. An audit also includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
Our procedures include confirmation of the securities owned as of August 31,
2008, by correspondence with the custodian and brokers; where replies were not
received from brokers, we performed other auditing procedures. We believe that
our audits provide a reasonable basis for our opinion.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>In our
opinion, the financial statements and financial highlights referred to above
present fairly, in all material respects, the financial position of the Trusts
as of August 31, 2008, the results of their operations for the year then ended,
the changes in their net assets for each of the two years in the period then
ended, and the financial highlights for each of the five years in the period
ended August 31, 2008, in conformity with accounting principles generally
accepted in the United States of America.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Deloitte
&amp; Touche <FONT FACE=ARIAL><small>LLP</small><BR>
</FONT><FONT FACE=ARIAL>Princeton, New Jersey<BR>
October 27, 2008</FONT></FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>85</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
 <TD VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 FACE=ARIAL COLOR=#1E5F95><A NAME=A012></A>Important Tax Information</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2 FACE=ARIAL>All of the
net investment income distributions paid by BlackRock Insured Municipal Income
Investment Trust, BlackRock Insured Municipal Income Trust and BlackRock
California Insured Municipal Income Trust during the taxable year ended August
31, 2008 qualify as tax-exempt interest dividends for Federal income tax
purposes.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The
following tables summarize the taxable per share distributions paid by the
following Trusts during the taxable year ended August 31, 2008:</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="60%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>BlackRock Municipal Bond<BR>
 Investment Trust</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Payable
 <BR>
 Date</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Ordinary
 <BR>
 Income</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Common Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1/14/2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.029219</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Preferred Shareholders:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series W7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4/10/2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>28.23</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>BlackRock Municipal<BR>
 Bond Trust</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Payable
 <BR>
 Date</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Ordinary
 <BR>
 Income</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Long-Term
 <BR>
 Capital Gains</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Common Shareholders:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12/31/2007</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.022094</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.074385</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1/14/2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.034702</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Preferred Shareholders:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series T7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11/28/2007</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.94</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.64</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12/5/2007</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.59</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>22.18</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12/12/2007</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.49</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>18.48</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4/9/2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>31.11</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12/19/2007</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>2.77</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>9.34</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series R7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11/23/2007</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>5.05</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>17.00</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11/30/2007</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>6.59</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>22.18</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12/7/2007</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4.94</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.64</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12/14/2007</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>3.02</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>10.18</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4/11/2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>30.81</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>BlackRock Municipal<BR>
 Income Trust II</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Payable
 <BR>
 Date</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Ordinary
 <BR>
 Income</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Common Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1/14/2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.017869</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Preferred Shareholders:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series M7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4/8/2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>17.30</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series T7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4/9/2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>17.34</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series W7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4/10/2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>17.55</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series R7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4/11/2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>17.44</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>BlackRock California<BR>
 Municipal Bond Trust</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Payable
 <BR>
 Date</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Ordinary
 <BR>
 Income</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Common Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1/14/2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.03378</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Preferred Shareholders:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series F7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4/14/2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>31.53</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>BlackRock California<BR>
 Municipal Income Trust II</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Payable
 <BR>
 Date</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Ordinary
 <BR>
 Income</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Common Shareholder</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1/14/2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.015741</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Preferred Shareholders:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series T7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4/9/2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.64</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series R7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4/11/2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>16.93</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="60%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="8%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="2%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="9%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>BlackRock Maryland<BR>
 Municipal Bond Trust</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Payable
 <BR>
 Date</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Ordinary<BR>
 Income</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Long-Term<BR>
 Capital Gains</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Common Shareholders:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12/31/2007</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>.014651</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1/14/2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.030933</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Preferred Shareholders:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series R7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11/23/2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>14.67</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4/11/2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>30.97</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>BlackRock New Jersey<BR>
 Municipal Bond Trust</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Payable
 <BR>
 Date</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Ordinary<BR>
 Income</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Long-Term<BR>
 Capital Gains</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Common Shareholders:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12/31/2007</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.009532</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1/14/2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>.028614</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Preferred Shareholders:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series M7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11/27/2007</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>8.48</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4/7/2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>25.46</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>BlackRock New York<BR>
 Insured Municipal Income Trust</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Payable
 <BR>
 Date</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Ordinary<BR>
 Income</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Long-Term<BR>
 Capital Gains</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Common Shareholders</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12/31/2007</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.034240</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Preferred Shareholders:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series W7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4/10/2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>27.81</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series F7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4/14/2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>27.56</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>BlackRock New York<BR>
 Municipal Bond Trust</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Payable
 <BR>
 Date</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Ordinary<BR>
 Income</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Long-Term<BR>
 Capital Gains</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Common Shareholders:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12/31/2007</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.022584</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1/14/2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.029927</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Preferred Shareholders:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series T7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11/28/2007</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>20.28</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4/9/2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>26.88</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>BlackRock New York <BR>
 Municipal Income Trust II</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Payable
 <BR>
 Date</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Ordinary<BR>
 Income</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Long-Term<BR>
 Capital Gains</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD COLSPAN="2" VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Common Shareholders:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12/31/2007</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.017157</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1/14/2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.024698</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Preferred Shareholders:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series W7</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>11/29/2007</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12.33</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>12/6/2007</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>7.50</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4/10/2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>28.54</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>None</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>BlackRock Virginia<BR>
 Municipal Bond Trust</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Payable
 <BR>
 Date</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1  FACE=ARIAL><B>Ordinary<BR>
 Income</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>

<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>Common Shareholders:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>1/14/2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>0.031152</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL>Preferred Shareholders;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL>Series R7</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>4/11/2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1 FACE=ARIAL>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P ALIGN=RIGHT><FONT SIZE=1  FACE=ARIAL>28.37</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E6E6E6">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
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<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
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</TD>
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</TD>
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<P>&nbsp;</P>
</TD>
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<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
</table>

<P><FONT SIZE=2 FACE=ARIAL>All other
net investment income distributions paid by the Trusts during the taxable year
ended August 31, 2008 qualify as tax-exempt interest dividends for Federal
income tax purposes.</FONT></P>



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 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>86</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <td>
<p>&nbsp;</p>
</td>
 </TR>
</table><BR>

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<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>D<A NAME="A013"></A>isclosure of Investment Advisory Agreement and
Subadvisory Agreement</FONT></P>
</TD>
</TR>
</table>


<P><FONT SIZE=2 FACE=ARIAL>The Board
of Trustees (collectively, the &#147;Board,&#148; the members of which are referred to as
&#147;Trustees&#148;) of the BlackRock California Insured Municipal Income Trust (&#147;BCK&#148;),
BlackRock Municipal Income Trust II (&#147;BLE&#148;), BlackRock California Municipal
Bond Trust (&#147;BZA&#148;), BlackRock California Municipal Income Trust II (&#147;BCL&#148;),
BlackRock Insured Municipal Income Investment Trust (formerly, BlackRock
Florida Insured Municipal Income Trust) (&#147;BAF&#148;), BlackRock Municipal Bond
Investment Trust (formerly, BlackRock Florida Municipal Bond Trust) (&#147;BIE&#148;),
BlackRock New Jersey Municipal Bond Trust (&#147;BLJ&#148;), BlackRock Insured Municipal
Income Trust (&#147;BYM&#148;), BlackRock Maryland Municipal Bond Trust (&#147;BZM&#148;), BlackRock
Municipal Bond Trust (&#147;BBK&#148;), BlackRock New York Insured Municipal Income Trust
(&#147;BSE&#148;), BlackRock New York Municipal Bond Trust (&#147;BQH&#148;), BlackRock New York
Municipal Income Trust II (&#147;BFY&#148;) and BlackRock Virginia Municipal Bond Trust
(&#147;BHV,&#148; and together with BCK, BLE, BZA, BCL, BAF, BIE, BLJ, BYM, BZM, BBK,
BSE, BQH and BFY, the &#147;Funds&#148;) met in April and May 2008 to consider approving
the continuation of each Fund&#146;s investment advisory agreement (each, an
&#147;Advisory Agreement&#148;) with BlackRock Advisors, LLC (the &#147;Advisor&#148;), each Fund&#146;s
investment advisor. The Board also considered the approval of each Fund&#146;s
subadvisory agreement (each, a &#147;Subadvisory Agreement&#148; and, together with the
&#147;Advisory Agreement,&#148; the &#147;Agreements&#148;) between the Advisor and BlackRock
Financial Management, Inc. (the &#147;Subadvisor&#148;). The Advisor and the Subadvisor
are collectively referred to herein as the &#147;Advisors&#148; and, together with
BlackRock, Inc., &#147;BlackRock.&#148;</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Activities and Composition of the Board</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The Board
of each Fund consists of thirteen individuals, eleven of whom are not
&#147;interested persons&#148; of the Funds as defined in the Investment Company Act of
1940 (the &#147;1940 Act&#148;) (the &#147;Independent Trustees&#148;). The Trustees are
responsible for the oversight of the operations of the Funds and perform the
various duties imposed on the directors of investment companies by the 1940
Act. The Independent Trustees have retained independent legal counsel to assist
them in connection with their duties. The Chairman of the Board is an Independent
Trustee. The Board has established four standing committees: an Audit
Committee, a Governance and Nominating Committee, a Compliance Committee and a
Performance Oversight Committee.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Advisory Agreement and Subadvisory Agreement</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Upon the
consummation of the combination of BlackRock, Inc.&#146;s investment management
business with Merrill Lynch &amp; Co., Inc.&#146;s investment management business,
including Merrill Lynch Investment Managers, L.P., and certain affiliates, each
Fund entered into an Advisory Agreement and a Subadvisory Agreement, each with
an initial two-year term. Consistent with the 1940 Act, after the Advisory
Agreement&#146;s and Subadvisory Agreement&#146;s respective initial two-year term, the
Board is required to consider the continuation of each Fund&#146;s Advisory
Agreement and Subadvisory Agreement on an annual basis. In connection with this
process, the Board assessed, among other things, the nature, scope and quality
of the services provided to each Fund by the personnel of BlackRock and its
affiliates, including investment advisory services, administrative services,
secondary market support services, oversight of fund accounting and custody,
and assistance in meeting legal and regulatory requirements. The Board also
received and assessed information regarding the services provided to each Fund
by certain unaffiliated service providers.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Throughout
the year, the Board also considered a range of information in connection with
its oversight of the services provided by BlackRock and its affiliates. Among
the matters the Board considered were: (a) investment performance for one-,
three- and five-year periods, as applicable, against peer funds, as well as
senior management and portfolio managers&#146; analysis of the reasons for
underperformance, if applicable; (b) fees, including advisory, administration
and other fees paid to BlackRock and its affiliates by each Fund, as
applicable; (c) Fund operating expenses paid to third parties; (d) the
resources devoted to and compliance reports relating to each Fund&#146;s investment
objective, policies and restrictions; (e) each Fund&#146;s compliance with its Code
of Ethics and compliance policies and procedures; (f) the nature, cost and
character of non-investment management services provided by BlackRock and its
affiliates; (g) BlackRock&#146;s and other service providers&#146; internal controls; (h)
BlackRock&#146;s implementation of the proxy voting guidelines approved by the
Board; (i) execution quality; (j) valuation and liquidity procedures; and (k)
reviews of BlackRock&#146;s business, including BlackRock&#146;s response to the
increasing scale of its business.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Board Considerations in Approving the Advisory Agreement and Subadvisory
Agreement</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>To assist
the Board in its evaluation of the Agreements, the Trustees received
information from BlackRock in advance of the April 22, 2008 meeting which
detailed, among other things, the organization, business lines and capabilities
of the Advisors, including: (a) the responsibilities of various departments and
key personnel and biographical information relating to key personnel; (b)
financial statements for BlackRock; (c) the advisory and/or administrative fees
paid by each Fund to the Advisors, including comparisons, compiled by Lipper
Inc. (&#147;Lipper&#148;), an independent third party, with the management fees, which
include advisory and administration fees, of funds with similar investment
objectives (&#147;Peers&#148;); (d) the profitability of BlackRock and certain industry
profitability analyses for advisors to registered investment companies; (e) the
expenses of BlackRock in providing various services; (f) non-investment
advisory reimbursements, if applicable, and &#147;fallout&#148; benefits to BlackRock;
(g) economies of scale, if any, generated through the Advisors&#146; management of
all of the BlackRock closed-end funds (the &#147;Fund Complex&#148;); (h) the expenses of
each Fund, including comparisons of each such Fund&#146;s expense ratios (both
before and after any fee waivers) with the expense ratios of its Peers; (i) an
internal comparison of management fees classified by Lipper, if applicable; and
(j) each Fund&#146;s performance for the past one-, three- and five-year periods, as
applicable, as well as each Fund&#146;s performance compared to its Peers.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The Board
also considered other matters it deemed important to the approval process,
where applicable, such as payments made to BlackRock or its affiliates relating
to the distribution of Fund shares, services related to the valuation and
pricing of Fund portfolio holdings, and direct and indirect benefits to
BlackRock and its affiliates from their relationship with the Funds.</FONT></P>

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 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>87</FONT></P>
 </TD>
 </TR>
</table>
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<TD VALIGN=TOP>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Disclosure of Investment Advisory Agreement and Subadvisory Agreement
(continued)</FONT></P>
</TD>
</TR>
</table>



<P><FONT SIZE=2 FACE=ARIAL>In addition
to the foregoing materials, independent legal counsel to the Independent
Trustees provided a legal memorandum outlining, among other things, the duties
of the Board under the 1940 Act, as well as the general principles of relevant
law in reviewing and approving advisory contracts, the requirements of the 1940
Act in such matters, an advisor&#146;s fiduciary duty with respect to advisory
agreements and compensation, and the standards used by courts in determining
whether investment company boards of directors have fulfilled their duties and
the factors to be considered by boards in voting on advisory agreements.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The
Independent Trustees reviewed this information and discussed it with
independent legal counsel prior to the meeting on April 22, 2008. At the Board
meeting on April 22, 2008, BlackRock made a presentation to and responded to
questions from the Board. Following the meeting on April 22, 2008, the Board
presented BlackRock with questions and requests for additional information.
BlackRock responded to these requests with additional written materials
provided to the Trustees prior to the meetings on May 29 and 30, 2008. At the
Board meetings on May 29 and 30, 2008, BlackRock responded to further questions
from the Board. In connection with BlackRock&#146;s presentations, the Board
considered each Agreement and, in consultation with independent legal counsel,
reviewed the factors set out in judicial decisions and Securities and Exchange
Commission (&#147;SEC&#148;) statements relating to the renewal of the Agreements.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Matters Considered by the Board</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>In
connection with its deliberations with respect to the Agreements, the Board
considered all factors it believed relevant with respect to each Fund,
including the following: the nature, extent and quality of the services
provided by the Advisors; the investment performance of each Fund; the costs of
the services to be provided and profits to be realized by the Advisors and their
affiliates from their relationship with the Funds; the extent to which
economies of scale would be realized as the Fund Complex grows; and whether
BlackRock realizes other benefits from its relationship with the Funds.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>A. Nature, Extent and Quality of the Services: </B><FONT FACE=ARIAL>In
evaluating the nature, extent and quality of the Advisors&#146; services, the Board
reviewed information concerning the types of services that the Advisors provide
and are expected to provide to each Fund, narrative and statistical information
concerning each Fund&#146;s performance record and how such performance compares to
each Fund&#146;s Peers, information describing BlackRock&#146;s organization and its
various departments, the experience and responsibilities of key personnel and
available resources. The Board noted the willingness of the personnel of
BlackRock to engage in open, candid discussions with the Board. The Board
further considered the quality of the Advisors&#146; investment process in making
portfolio management decisions.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>In addition
to advisory services, the Trustees considered the quality of the administrative
and non-investment advisory services provided to the Funds. The Advisors and
their affiliates provided each Fund with such administrative and other
services, as applicable (in addition to any such services provided by others
for the Funds), and officers and other personnel as are necessary for the
operations of the respective Fund. In addition to investment management
services, the Advisors and their affiliates provided each Fund with services
such as: preparing shareholder reports and communications, including annual and
semi-annual financial statements and the Funds&#146; websites; communications with
analysts to support secondary market trading; assisting with daily accounting
and pricing; preparing periodic filings with regulators and stock exchanges;
overseeing and coordinating the activities of other service providers;
administering and organizing Board meetings and preparing the Board materials
for such meetings; providing legal and compliance support (such as helping to
prepare proxy statements and responding to regulatory inquiries); and
performing other Fund administrative tasks necessary for the operation of the
respective Fund (such as tax reporting and fulfilling regulatory filing requirements).
The Board considered the Advisors&#146; policies and procedures for assuring
compliance with applicable laws and regulations.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>B. The Investment Performance of the Funds and BlackRock: </B><FONT FACE=ARIAL>As
previously noted, the Board received performance information regarding each
Fund and its Peers. Among other things, the Board received materials reflecting
each Fund&#146;s historic performance and each Fund&#146;s one-, three- and five-year
total returns (as applicable) relative to its Peers (including the Peers&#146;
median performance). The Board was provided with a description of the
methodology used by Lipper to select each Fund&#146;s Peers. The Board noted that it
regularly reviews the performance of each Fund throughout the year. The Board
reviewed a narrative and statistical analysis of the Lipper data that was
prepared by BlackRock, which analyzed various factors that affect Lipper
rankings.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The Board
noted that in general the Funds performed better than their respective Peers in
that their performance was at or above the median of their respective Peers in
at least two of the one-, three- and five-year periods reported.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>C. Consideration of the Advisory Fees and the Cost of the Services and
Profits to be Realized by BlackRock and its Affiliates from their Relationship
with the Funds: </B><FONT FACE=ARIAL>In evaluating the management fees and expenses that
each Fund is expected to bear, the Board considered each Fund&#146;s current
management fee structure and each Fund&#146;s expense ratios in absolute terms as
well as relative to the fees and expense ratios of its applicable Peers. The
Board, among other things, reviewed comparisons of each Fund&#146;s gross management
fees before and after any applicable reimbursements and fee waivers and total
expense ratios before and after any applicable waivers with those of applicable
Peers. The Board also reviewed a narrative analysis of the Peer rankings
prepared by Lipper and summarized by BlackRock at the request of the Board.
This summary placed the Peer rankings into context by analyzing various factors
that affect these comparisons.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The Board
noted that each of BCK, BLE, BZA, BCL, BAF, BBK, BSE, BQH, BYM and BFY paid
contractual management fees lower than or equal to the median contractual fees
paid by each Fund&#146;s respective Peers. This comparison was made without giving effect
to any expense reimbursements or fee waivers.</FONT></P>

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 <P><FONT SIZE=1  FACE=ARIAL>88</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
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<TD VALIGN=TOP>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>Disclosure of Investment Advisory Agreement and Subadvisory Agreement
(concluded)</FONT></P>
</TD>
</TR>
</table>


<P><FONT SIZE=2 FACE=ARIAL>The Board
noted that, although BLJ paid contractual management fees higher than the
median of its Peers, such fees were no more than 5 basis points greater than
the median amount and therefore considered not to be materially higher than its
Peers. This comparison was made without giving effect to any expense
reimbursements or fee waivers.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The Board
noted that, although BIE, BZM and BHV paid contractual management fees that
were higher than the median of their respective Peers, each Fund&#146;s actual
management fees were below the median of its respective Peers.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The Board
also compared the management fees charged and services provided by the Advisors
to closed-end funds in general versus other types of clients (such as open-end
investment companies and separately managed institutional accounts) in similar
investment categories. The Board noted certain differences in services provided
and costs incurred by the Advisor with respect to closed-end funds compared to
these other types of clients and the reasons for such differences.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>In
connection with the Board&#146;s consideration of the fees and expense information,
the Board reviewed the considerable investment management experience of the
Advisors and considered the high level of investment management, administrative
and other services provided by the Advisors.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>D. Profitability of BlackRock: </B><FONT FACE=ARIAL>The Board also considered
BlackRock&#146;s profitability in conjunction with its review of fees. The Board
reviewed BlackRock&#146;s profitability with respect to the Fund Complex and other
fund complexes managed by the Advisors. In reviewing profitability, the Board
recognized that one of the most difficult issues in determining profitability
is establishing a method of allocating expenses. The Board also reviewed
BlackRock&#146;s assumptions and methodology of allocating expenses, noting the
inherent limitations in allocating costs among various advisory products. The
Board also recognized that individual fund or product line profitability of
other advisors is generally not publicly available.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The Board
recognized that profitability may be affected by numerous factors including,
among other things, the types of funds managed, expense allocations and
business mix, and therefore comparability of profitability is somewhat limited.
Nevertheless, to the extent available, the Board considered BlackRock&#146;s
operating margin compared to the operating margin estimated by BlackRock for a
leading investment management firm whose operations consist primarily of
advising closed-end funds. The comparison indicated that BlackRock&#146;s operating
margin was approximately the same as the operating margin of such firm.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>In
evaluating the reasonableness of the Advisors&#146; compensation, the Board also
considered any other revenues paid to the Advisors, including partial
reimbursements paid to the Advisors for certain non-investment advisory
services, if applicable. The Board noted that these payments were less than the
Advisors&#146; costs for providing these services. The Board also considered
indirect benefits (such as soft dollar arrangements) that the Advisors and
their affiliates are expected to receive, which are attributable to their
management of the Fund.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>E. Economies of Scale: </B><FONT FACE=ARIAL>In reviewing each Fund&#146;s
fees and expenses, the Board examined the potential benefits of economies of
scale, and whether any economies of scale should be reflected in the Fund&#146;s fee
structure, for example through the use of breakpoints for the Fund or the Fund
Complex. In this regard, the Board reviewed information provided by BlackRock,
noting that most closed-end fund complexes do not have fund-level breakpoints
because closed-end funds generally do not experience substantial growth after
their initial public offering and each fund is managed independently consistent
with its own investment objectives. The Board noted that only three closed-end
funds in the Fund Complex have breakpoints in their fee structures. Information
provided by Lipper also revealed that only one closed-end fund complex used a
complex-level breakpoint structure. The Board found, based on its review of
comparable funds, that each Fund&#146;s management fee is appropriate in light of
the scale of the respective Fund.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>F. Other Factors: </B><FONT FACE=ARIAL>In evaluating fees, the
Board also considered indirect benefits or profits the Advisors or their
affiliates may receive as a result of their relationships with the Funds
(&#147;fall-out benefits&#148;). The Trustees, including the Independent Trustees,
considered the intangible benefits that accrue to the Advisors and their
affiliates by virtue of their relationships with the Funds, including potential
benefits accruing to the Advisors and their affiliates as a result of
participating in offerings of the Funds&#146; shares, potentially stronger
relationships with members of the broker-dealer community, increased name
recognition of the Advisors and their affiliates, enhanced sales of other
investment funds and products sponsored by the Advisors and their affiliates
and increased assets under management which may increase the benefits realized
by the Advisors from soft dollar arrangements with broker-dealers. The Board
also considered the unquantifiable nature of these potential benefits.</FONT></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL><B>Conclusion with Respect to the Agreements</B></FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>In
reviewing and approving the continuation of the Agreements, the Trustees did
not identify any single factor discussed above as all-important or controlling,
but considered all factors together, and different Trustees may have attributed
different weights to the various factors considered. The Independent Directors
were also assisted by the advice of independent legal counsel in making this
determination. The Trustees, including the Independent Trustees, unanimously
determined that each of the factors described above, in light of all the other
factors and all of the facts and circumstances applicable to each respective
Fund, was acceptable for each Fund and supported the Trustees&#146; conclusion that
the terms of each Agreement were fair and reasonable, that each Fund&#146;s fees are
reasonable in light of the services provided to the respective Fund and that
each Agreement should be approved.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>89</FONT></P>
 </TD>
 </TR>
</table>
<BR>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<HR NOSHADE ALIGN=CENTER color=#7897C3 WIDTH="100%" SIZE=6>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 COLOR="#1E5F95" FACE=ARIAL>A<A NAME="A014"></A>utomatic Dividend Reinvestment Plans</FONT></P>
</TD>
</TR>
</table>


<P><FONT SIZE=2 FACE=ARIAL>Pursuant to
each Trust&#146;s Dividend Reinvestment Plan (the &#147;Plan&#148;), common shareholders are
automatically enrolled to have all distributions of dividends and capital gains
reinvested by Computershare Trust Company, N.A. (the &#147;Plan Agent&#148;) in the
respective Trust&#146;s shares pursuant to the Plan. Shareholders who do not
participate in the Plan will receive all distributions in cash paid by check
and mailed directly to the shareholders of record (or if the shares are held in
street or other nominee name, then to the nominee) by the Plan Agent, which
serves as agent for the shareholders in administering the Plan.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>After a
Trust declares a dividend or determines to make a capital gain distribution,
the Plan Agent will acquire shares for the participants&#146; accounts, depending
upon the circumstances described below, either (i) through receipt of unissued
but authorized shares from the Trust (&#147;newly issued shares&#148;) or (ii) by
purchase of outstanding shares on the open market, on the Trust&#146;s primary
exchange or elsewhere (&#147;open-market purchases&#148;). If, on the dividend payment
date, the net asset value per share (&#147;NAV&#148;) is equal to or less than the market
price per share plus estimated brokerage commissions (such condition being
referred to herein as &#147;market premium&#148;), the Plan Agent will invest the
dividend amount in newly issued shares on behalf of the participants. The
number of newly issued shares to be credited to each participant&#146;s account will
be determined by dividing the dollar amount of the dividend by the NAV on the
date the shares are issued. However, if the NAV is less than 95% of the market
price on the payment date, the dollar amount of the dividend will be divided by
95% of the market price on the payment date. If, on the dividend payment date,
the NAV is greater than the market value per share plus estimated brokerage
commissions (such condition being referred to herein as &#147;market discount&#148;), the
Plan Agent will invest the dividend amount in shares acquired on behalf of the
participants in open-market purchases.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Participation
in the Plan is completely voluntary and may be terminated or resumed at any
time without penalty by notice if received and processed by the Plan
Administrator prior to the dividend record date; otherwise such termination or
resumption will be effective with respect to any subsequently declared dividend
or other distribution.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>The Plan
Agent&#146;s fees for the handling of the reinvestment of dividends and
distributions will be paid by each Trust. However, each participant will pay a
pro rata share of brokerage commissions incurred with respect to the Plan
Agent&#146;s open market purchases in connection with the reinvestment of dividends
and distributions. The automatic reinvestment of dividends and distributions
will not relieve participants of any federal income tax that may be payable on
such dividends or distributions.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>Each Trust
reserves the right to amend or terminate the Plan. There is no direct service
charge to participants in the Plan; however, each Trust reserves the right to
amend the Plan to include a service charge payable by the participants.
Participants that request a sale of shares through the Plan Agent are subject
to a $2.50 sales fee and a $0.15 per share sold brokerage commission. All
correspondence concerning the Plan should be directed to the Plan Agent at P.O.
Box 43078, Providence, RI 02940-3078 or by calling (800) 699-1BFM. All
overnight correspondence should be directed to the Plan Agent at 250 Royall
Street, Canton, MA 02021.</FONT></P>

<P><FONT SIZE=1 FACE=ARIAL>See Notes
to Financial Statements.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>90</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="55%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="17%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="28%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
 </TD>
 </TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
<P><A NAME=A015></A><FONT SIZE=4  COLOR="#1E5F95" FACE=ARIAL>Officers and Trustees</FONT></P>
 </TD>
 </TR>
</table><BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="14%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="16%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="13%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="19%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="13%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Name, Address and<BR>
 Year of Birth</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Position(s) Held<BR>
 with Trusts</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Length of<BR>
 Time Served as<BR>
 Trustee<SUP>2</SUP></B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Principal Occupation(s)<BR>
 During Past Five Years</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Number of<BR>
 BlackRock-<BR>
 Advised Funds<BR>
 and Portfolios<BR>
 Overseen</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Public Directorships</B></FONT></P>
</TD>
</TR>


<TR style="font-size:1 px">
<TD COLSPAN="11"  VALIGN=TOP style="border-bottom:solid #005695 2px">&nbsp;
</TD>
</TR>
<TR BGCOLOR="#E7ECF6">
<TD COLSPAN="11"  VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL COLOR=#1E5F95>
<B>Non-Interested Trustees<SUP>1</SUP></B></FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="11"  VALIGN=TOP style="border-bottom:solid #005695 1px">&nbsp;
</TD>
</TR>


<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Richard E. Cavanagh<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<BR>
 New York, NY 10022<BR><BR>
 1946</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Chairman of the<BR>
 Board and Trustee</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Since 1994</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Trustee, Aircraft Finance Trust since 1999; Director, The
 Guardian Life Insurance Company of America since 1998; Chairman and Trustee,
 Educational Testing Service since 1997; Director, The Fremont Group since
 1996; Formerly President and Chief Executive Officer of The Conference Board,
 Inc. (global business research organization) from 1995 to 2007.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>113 Funds<BR>110 Portfolios</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Arch Chemical (chemical and allied products)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Karen P. Robards<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<BR>
 <B><BR>
 </B>1950</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Vice Chair of the Board, Chair of the Audit Committee and
 Trustee</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Since 2007</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Partner of Robards &amp; Company, LLC, (financial advisory
 firm) since 1987; Co-founder and Director of the Cooke Center for Learning
 and Development, (a not-for-profit organization) since 1987; Formerly Director
 of Enable Medical Corp. from 1996 to 2005; Formerly an investment banker at
 Morgan Stanley from 1976 to 1987.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>112 Funds<BR>109 Portfolios</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>AtriCure, Inc. (medical devices); Care Investment Trust,
 Inc. (health care REIT)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>G. Nicholas Beckwith, III<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR>
 <BR>
 </B>1945</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Trustee</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Since 2007</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Chairman and Chief Executive Officer, Arch Street
 Management, LLC (Beckwith Family Foundation) and various Beckwith property
 companies since 2005; Chairman of the Board of Directors, University of
 Pittsburgh Medical Center since 2002; Board of Directors, Shady Side Hospital
 Foundation since 1977; Board of Directors, Beckwith Institute for Innovation
 In Patient Care since 1991; Member, Advisory Council on Biology and Medicine,
 Brown University since 2002; Trustee, Claude Worthington Benedum Foundation
 (charitable foundation) since 1989; Board of Trustees, Chatham College since
 1981; Board of Trustees, University of Pittsburgh since 2002; Emeritus
 Trustee, Shady Side Academy since 1977; Formerly Chairman and Manager, Penn
 West Industrial Trucks LLC (sales, rental and servicing of material handling
 equipment) from 2005 to 2007; Formerly Chairman, President and Chief
 Executive Officer, Beckwith Machinery Company (sales, rental and servicing of
 construction and equipment) from 1985 to 2005; Formerly Board of Directors,
 National Retail Properties (REIT) from 2006 to 2007.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>112 Funds<BR>109 Portfolios</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>None</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Kent Dixon<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR><BR>
 </B>1937<B><BR><BR></B></FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Trustee And Member of the Audit Committee</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Since 1988</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Consultant/Investor since 1988.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>113 Funds<BR>110 Portfolios</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>None</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Frank J. Fabozzi<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR>
 <BR>
 </B>1948</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Trustee and Member of the Audit Committee</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Since 1988</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Consultant/Editor of The Journal of Portfolio Management
 since 2006; Professor in the Practice of Finance and Becton Fellow, Yale
 University, School of Management, since 2006; Formerly Adjunct Professor of
 Finance and Becton Fellow, Yale University from 1994 to 2006.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>113 Funds<BR>110 Portfolios</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>None</FONT></P>
</TD>
</TR>
<tr>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</tr>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</table>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT ><FONT  SIZE=1 FACE=ARIAL>91</FONT></P>
 </TD>
 </TR>
</table>

<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="55%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="17%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="28%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
 </TD>
 </TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
<P><FONT SIZE=4 FACE=ARIAL COLOR="#1E5F95" >Officers and Trustees (continued)</FONT></P>
 </TD>
 </TR>
</table>
<BR>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="14%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="16%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="13%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="19%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="13%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Name, Address and<BR>
 Year of Birth</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Position(s) Held<BR>
 with Fund</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Length of<BR>
 Time Served</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Principal Occupation(s)<BR>
 During Past Five Years</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Number of<BR>
 BlackRock-<BR>
 Advised Funds<BR>
 and Portfolios<BR>
 Overseen</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Public Directorships</B></FONT></P>
</TD>
</TR>



<TR style="font-size:1 px">
<TD COLSPAN="11"  VALIGN=TOP style="border-bottom:solid #005695 2px">&nbsp;
</TD>
</TR>
<TR BGCOLOR="#E7ECF6">
<TD COLSPAN="11"  VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL COLOR=#1E5F95>
<B>Non-Interested Trustees<SUP>1</SUP></B></FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD COLSPAN="11"  VALIGN=TOP style="border-bottom:solid #005695 1px">&nbsp;
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>










<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Kathleen F. Feldstein<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<BR>
 New York, NY 10022<BR>
 <BR>
 1941</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Trustee</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Since 2005</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>President of Economics Studies, Inc. (private economic
 consulting firm) since 1987; Chair, Board of Trustees, McLean Hospital since
 2000; Member of the Corporation of Partners Community Healthcare, Inc. since
 2005; Member of the Corporation of Partners HealthCare since 1995; Member of
 the Corporation of Sherrill House (healthcare) since 1990; Trustee, Museum of
 Fine Arts, Boston since 1992; Member of the Visiting Committee to the Harvard
 University Art Museum since 2003; Trustee, The Committee for Economic
 Development (research organization) since 1990; Member of the Advisory Board
 to the International School of Business, Brandeis University since 2002;
 Formerly Director of Bell South (communications) from 1998 to 2006; Formerly
 Director of Ionics (water purification) from 1992 to 2005; Formerly Director
 of John Hancock Financial Services from 1994 to 2003; Formerly Director of
 Knight Ridder (media) from 1998 to 2006.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>113 Funds<BR>110 Portfolios</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>The McClatchy Company (publishing)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>James T. Flynn<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR>
 <BR>
 </B>1939</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Trustee and Member of the Audit Committee</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Since 2007</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Formerly Chief Financial Officer of JP Morgan &amp; Co.,
 Inc. from 1990 to 1995.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>112 Funds<BR>109 Portfolios</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>None</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Jerrold B. Harris<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR>
 <BR>
 </B>1942</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Trustee</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Since 2007</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Trustee, Ursinus College since 2000; Director, Troemner
 LLC (scientific equipment) since 2000.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>112 Funds<BR>109 Portfolios</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>BlackRock-Kelso Capital Corp.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>R. Glenn Hubbard<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR>
 <BR>
 </B>1958</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Trustee</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Since 2004</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Dean of Columbia Business School since 2004; Columbia
 faculty member since 1988; Formerly Co-Director of Columbia Business School&#146;s
 Entrepreneurship Program from 1997 to 2004; Visiting Professor at the John F.
 Kennedy School of Government at Harvard University and the Harvard Business
 School since 1985 and at the University of Chicago since 1994; Formerly
 Chairman of the U.S. Council of Economic Advisers under the President of the
 United States from 2001 to 2003.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>113 Funds<BR>110 Portfolios</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>ADP (data and information services), KKR Financial
 Corporation (finance), Duke Realty (real estate), Metropolitan Life Insurance
 Company (insurance), Information Services Group (media/technology)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>W. Carl Kester<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR>
 <BR>
 </B>1951</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Trustee and Member of the Audit Committee</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Since 2007</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Mizuho Financial Group Professor of Finance, Harvard
 Business School. Deputy Dean for Academic Affairs since 2006; Unit Head,
 Finance, Harvard Business School, from 2005 to 2006; Senior Associate Dean
 and Chairman of the MBA Program of Harvard Business School, from 1999 to
 2005; Member of the faculty of Harvard Business School since 1981;
 Independent Consultant since 1978.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>112 Funds<BR>109 Portfolios</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>None</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Robert S. Salomon, Jr.<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR>
 <BR>
 </B>1936</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Trustee and Member of the Audit Committee</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Since 2007</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Formerly Principal of STI Management LLC (investment
 adviser) from 1994 to 2005.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>112 Funds<BR>109 Portfolios</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>None</FONT></P>
</TD>
</TR>
<tr>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</tr>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>

<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL><sup>1</sup></FONT></P>
</TD>
<TD VALIGN=bottom>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>Trustees serve until their
 resignation, removal or death, or until December 31 of the year in which they
 turn 72.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL><sup>2</sup></FONT></P>
</TD>
<TD VALIGN=bottom>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>Following the combination of
 Merrill Lynch Investment Managers, L.P. (&#147;MLIM&#148;) and BlackRock, Inc.
 (&#147;BlackRock&#148;) in September 2006, the various legacy MLIM and legacy BlackRock
 Fund boards were realigned and consolidated into three new Fund boards in
 2007. As a result, although the chart shows certain trustees as joining the
 Trust&#146;s board in 2007, each trustee first became a member of the board of
 trustees of other legacy MLIM or legacy BlackRock Funds as follows: G.
 Nicholas Beckwith, III since 1999; Richard E. Cavanagh since 1994; Kent Dixon
 since 1988; Frank J. Fabozzi since 1988; Kathleen F. Feldstein since 2005;
 James T. Flynn since 1996; Jerrold B. Harris since 1999; R. Glenn Hubbard
 since 2004; W. Carl Kester since 1998; Karen P. Robards since 1998 and Robert
 S. Salomon, Jr. since 1996.</FONT></P>
</TD>
</TR>
</table>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>92</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST 31, 2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>
<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="55%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="17%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="28%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
 </TD>
 </TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
<P><FONT SIZE=4 FACE=ARIAL COLOR="#1E5F95">Officers and Trustees (continued)</FONT></P>
 </TD>
 </TR>
</table>
<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH=100%>
<TR style="font-size:1px">
<TD WIDTH="14%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="16%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="2%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="13%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="19%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="11%"  VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Name, Address and<BR>
 Year of Birth</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Position(s) Held<BR>
 with Trusts</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Length of<BR>
 Time Served as<BR>
 a Trustee</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Principal Occupation(s)<BR>
 During Past Five Years</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Number of<BR>
 BlackRock-<BR>
 Advised Funds<BR>
 and Portfolios<BR>
 Overseen</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1 FACE=ARIAL><B>Public Directorships</B></FONT></P>
</TD>
</TR>




<TR style="font-size:1 px">
<TD COLSPAN="11"  VALIGN=TOP style="border-bottom:solid #005695 2px">&nbsp;
</TD>
</TR>

<TR BGCOLOR="#E7ECF6">
<TD COLSPAN="11"  VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL COLOR=#1E5F95>
<B>Interested Trustees<SUP>1</SUP></B></FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD COLSPAN="11"  VALIGN=TOP style="border-bottom:solid #005695 1px">&nbsp;
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
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<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
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<P><FONT SIZE=1>&nbsp;</FONT></P>
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</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
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<P><FONT SIZE=1>&nbsp;</FONT></P>
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<P><FONT SIZE=1>&nbsp;</FONT></P>
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<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
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<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Richard S. Davis<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR>
 <BR>
 </B>1945</FONT></FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Trustee</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Since 2007</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Managing Director, BlackRock, Inc. since 2005; Formerly
 Chief Executive Officer, State Street Research &amp; Management Company from
 2000 to 2005; Formerly Chairman of the Board of Trustees, State Street
 Research Mutual Funds from 2000 to 2005; Formerly Chairman, SSR Realty from
 2000 to 2004.</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>185 Funds<BR>295 Portfolios</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>

<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>None</FONT></P>
</TD>

</TR>

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<TD VALIGN=TOP>
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</TD>
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<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
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</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
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<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
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<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Henry Gabbay<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR>
 <BR>
 </B>1947</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Trustee</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Since 2007</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Consultant, BlackRock, Inc. since 2007; Formerly Managing
 Director, BlackRock, Inc. from 1989 to 2007; Formerly Chief Administrative
 Officer, BlackRock Advisors, LLC from 1998 to 2007; Formerly President of
 BlackRock Funds and BlackRock Bond Allocation Target Shares from 2005 to
 2007; Formerly Treasurer of certain closed-end funds in the BlackRock fund
 complex from 1989 to 2006.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>184 Funds<BR>294 Portfolios</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>None</FONT></P>
</TD>
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<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
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</TD>
</TR>



<TR style="font-size:1 px">
<TD COLSPAN="11"  VALIGN=TOP style="border-bottom:solid #005695 2px">&nbsp;
</TD>
</TR>

<TR  BGCOLOR="#E7ECF6">
<TD COLSPAN="11"  VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=1 FACE=ARIAL COLOR=#1E5F95>
<B>Trust Officers<SUP>2</SUP></B></FONT></P>
</TD>
</TR>

<TR style="font-size:1 px">
<TD COLSPAN="11"  VALIGN=TOP style="border-bottom:solid #005695 1px">&nbsp;
</TD>
</TR>



<TR>
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</TD>
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<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Donald C. Burke<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR>
 <BR>
 </B>1960</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Trust President and Chief Executive Officer</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Since 2007</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Managing Director of BlackRock, Inc. since 2006; Formerly
 Managing Director of Merrill Lynch Investment Managers, L.P. (&#147;MLIM&#148;) and
 Fund Asset Management, L.P. (&#147;FAM&#148;) in 2006; First Vice President thereof
 from 1997 to 2005; Treasurer thereof from 1999 to 2006 and Vice President
 thereof from 1990 to 1997.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
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<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
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</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
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</TD>
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<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Anne F. Ackerley<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR>
 <BR>
 </B>1962</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Vice President</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Since 2003</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Managing Director of BlackRock, Inc. since 2000; Chief
 Operating Officer of BlackRock&#146;s U.S. Retail Group since 2006; Head of
 BlackRock&#146;s Mutual Fund Group from 2000 to 2006; Merrill Lynch &amp; Co.,
 Inc. from 1984 to 1986 and from 1988 to 2000, most recently as First Vice
 President and Operating Officer of the Mergers and Acquisitions Group.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
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</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
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</TD>
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</TD>
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</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;


</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Neal J. Andrews<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR>
 <BR>
 </B>1966</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Chief Financial Officer</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Since 2007</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Managing Director of BlackRock, Inc. since 2006; Formerly
 Senior Vice President and Line of Business Head of Fund Accounting and
 Administration at PNC Global Investment Servicing (U.S.) Inc. (formerly PFPC
 Inc.) from 1992 to 2006.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Jay M. Fife<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR>
 <BR>
 </B>1970</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Treasurer</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Since 2007</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Managing Director of BlackRock, Inc. since 2007 and
 Director in 2006; Formerly Assistant Treasurer of the MLIM/FAM advised funds
 from 2005 to 2006; Director of MLIM Fund Services Group from 2001 to 2006.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Brian P. Kindelan<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR>
 <BR>
 </B>1959</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Chief Compliance Officer of the Trusts</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Since 2007</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Chief Compliance Officer of the BlackRock-advised Funds
 since 2007; Anti-Money Laundering Officer of the BlackRock-advised Funds since
 2007; Managing Director and Senior Counsel of BlackRock, Inc. since 2005;
 Director and Senior Counsel of BlackRock Advisors, Inc. from 2001 to 2004 and
 Vice President and Senior Counsel thereof from 1998 to 2000; Formerly Senior
 Counsel of The PNC Bank Corp. from 1995 to 1998.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL><B>Howard Surloff<BR>
 </B><FONT SIZE=1 FACE=ARIAL>40 East 52nd Street<B><BR>
 </B>New York, NY 10022<B><BR>
 <BR>
 </B>1965</FONT></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Secretary</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Since 2007</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>Managing Director of BlackRock, Inc. and General Counsel
 of U.S. Funds at BlackRock, Inc. since 2006; Formerly General Counsel (U.S.)
 of Goldman Sachs Asset Management, L.P. from 1993 to 2006.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<tr>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</tr>
<TR style="font-size:1 px">
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
<TD VALIGN=TOP style="border-bottom:solid black 1px">&nbsp;

</TD>
</TR>
</TABLE>
<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL><sup>1</sup></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>Messrs. Davis and Gabbay are both
 &#147;interested persons,&#148; as defined in the Investment Company Act of 1940, of
 the Trusts based on their positions with BlackRock, Inc. and its affiliates.
 Trustees serve until their resignation, removal or death, or until December
 31 of the year in which they turn 72.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P style="margin-top:-2px"><FONT SIZE=1 FACE=ARIAL><sup>2</sup></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P style="margin-top:2px"><FONT SIZE=1 FACE=ARIAL>Officers of the Trusts serve at
 the pleasure of the Board of Trustees.</FONT></P>
</TD>
</TR>
</table>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  SIZE=1 FACE=ARIAL>93</FONT></P>
 </TD>
 </TR>
</table>
<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="55%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="17%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="28%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
<HR SIZE=6 WIDTH="100%" NOSHADE color="#7897C3" ALIGN=CENTER>
 </TD>
 </TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

 <TR>
 <TD COLSPAN="3" VALIGN=BOTTOM>
<P><FONT SIZE=4 FACE=ARIAL COLOR="#1E5F95">BlackRock Closed-End Funds</FONT></P>
 </TD>
 </TR>
</table>
<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><B>Custodian</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>State Street Bank and Trust</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Company</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Boston, MA 02101</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><B>Trusts Address</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>BlackRock Closed-End</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Funds</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>c/o BlackRock Advisors. LLC</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>100 Bellevue Parkway</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Wilmington, DE 19809</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><B>Transfer Agents</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><B>Common Shares:</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Computershare Trust</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Companies, N.A. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Canton, MA 02021</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><B>Preferred
 Shares:</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>For the Insured
 Trusts and</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Bond Trusts</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>BNY Mellon </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Shareowner Services </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Jersey City, NJ 07310</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>For the Income
 II Trusts</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Deutsche Bank Trust </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>Company Americas </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2 FACE=ARIAL>New York, NY 10005</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><B>Accounting Agent</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>State Street Bank and Trust </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Company </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Princeton, NJ 08540</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><B>Independent
 Registered</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><B>Public
 Accounting Firm</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Deloitte &amp; Touche <FONT  FACE=ARIAL><small>LLP</small></FONT></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Princeton, NJ 08540</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><B>Legal Counsel</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Skadden, Arps, Slate, </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Meagher &amp; Flom <FONT  FACE=ARIAL><small>LLP</small> </FONT></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>New York, NY 10036</FONT></P>
</TD>
</TR>
</table>
<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
<TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1 FACE=ARIAL>94</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
</TD>
<TD VALIGN=TOP>
<P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST 31, 2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</table>
<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
 <TD VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 FACE=ARIAL COLOR=#1E5F95>Additional Information<A  NAME=A016></A></FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Fund Certification</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Those Trusts listed for trading
 on the New York Stock Exchange (&#147;NYSE&#148;) have filed with the NYSE their annual
 chief executive officer certification regarding compliance with the NYSE&#146;s
 listing standards. Each Fund filed with the SEC the certification of their
 chief executive officer and chief financial officer required by section 302
 of the Sarbanes-Oxley Act.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Availability of
 Quarterly Schedule of Investments</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Each Trust files its complete
 schedule of portfolio holdings with the SEC for the first and third quarters
 of each fiscal year on Form N-Q. Each Trusts&#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, DC.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Information on the operation of
 the Public Reference Room may be obtained by calling (800) SEC-0330. Each
 Trust&#146;s Forms N-Q may also be obtained upon request and without charge by
 calling (800) 441-7762.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Electronic
 Delivery</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Electronic copies of most
 financial reports are available on the Trusts&#146; website or shareholders can
 sign up for e-mail notifications of quarterly statements, annual and
 semi-annual reports and prospectuses by enrolling in the Trusts&#146; electronic
 delivery program.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL><B>Shareholders Who
 Hold Accounts with Investment Advisors, Banks or Brokerages:</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Please contact your financial
 advisor to enroll. Please note that not all investment advisors, banks or
 brokerages may offer this service.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>General
 Information</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>The Trusts do not make available
 copies of their Statements of Additional Information because the Trusts&#146;
 shares are not continuously offered, which means that the Statements of
 Additional Information of the Trusts have not been updated after completion
 of the Trusts&#146; offerings and the information contained in the Trusts&#146;
 Statements of Additional Information may have become outdated. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>During the period, there were no
 material changes in the Trusts&#146; investment objectives or policies, other than
 as disclosed in Note 7 of the Notes to Financial Statements or to the Trusts&#146;
 charters or by-laws that were not approved by the shareholders or in the
 principal risk factors associated with investment in the Trusts. There have
 been no changes in the persons who are primarily responsible for the
 day-to-day management of the Trusts&#146; portfolios.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>The Trusts will mail only one
 copy of shareholder documents, including annual and semi-annual reports and
 proxy statements, to shareholders with multiple accounts at the same address.
 This practice is commonly called &#147;householding&#148; and it is intended to reduce
 expenses and eliminate duplicate mailings of shareholder documents. Mailings
 of your shareholder documents may be householded indefinitely unless you
 instruct us otherwise. If you do not want the mailing of these documents to
 be combined with those for other members of your household, please contact
 the Trusts at (800) 441-7762</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Quarterly performance,
 semi-annual and annual reports and other information regarding each Trust 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 each Trust and
 does not, and is not intended to, incorporate BlackRock&#146;s website into this
 report.</FONT></P>
</TD>
</TR>
</TABLE>

<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL
 REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>95</FONT></P>
 </TD>
 </TR>
</table>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
 <TD VALIGN=BOTTOM>
<HR SIZe=6 noshade color=#7897C3 align=center Width=100%>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=4 FACE=ARIAL COLOR=#1E5F95>Additional Information
 (concluded)</FONT></P>
</TD>
</TR>
</TABLE>

<BR>
<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>Statement of
 Preferences</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Effective May 30, 2008, following
 approval by the Trusts&#146; Board and the applicable ratings agencies, the
 Trust&#146;s Statement of Preferences was amended in order to facilitate the
 redemption of the Trusts&#146; Preferred Shares. The following sentence was added
 to the optional redemption section of each Trust&#146;s Statement of Preferences:</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>For the purposes of this section,
 the term &#147;liquid securities&#148; shall include:</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>(i) any committed financing
 pursuant to a credit agreement, reverse repurchase agreement facility or
 similar credit arrangement, in each case which makes available to the Trust,
 no later than the day preceding the applicable redemption date, cash in an
 amount not less than the aggregate amount due to holders by reason of the
 redemption of their shares of Preferred Shares on such redemption date; and
 (ii) cash amounts due and payable to the Trust out of a sale of its
 securities if such cash amount is not less than the aggregate amount due to
 holders by reason of the redemption of their shares of Preferred Shares on
 such redemption date and such sale will be settled not later than the day
 preceding the applicable redemption date.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>Effective September 13, 2008,
 following approval by the Funds&#146; Board and the applicable rating agencies,
 the Board amended the terms of the Funds&#146; Preferred Shares in order to allow
 the Funds to enter into TOB transactions, the proceeds of which were used to
 redeem a portion of the Funds&#146; Preferred Shares. Accordingly, the definition
 of Inverse Floaters was amended to incorporate the Funds&#146; permissible ratio
 of floating rate instruments into inverse floating rate instruments. Additionally,
 conforming changes and certain formula modifications concerning inverse
 floaters were made to the definitions of Moody&#146;s Discount Factor and S&amp;P
 Discount Factor, as applicable, to integrate the Funds&#146; investments in TOBs
 into applicable calculations.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR bgcolor=#E7ECF6>
 <TD VALIGN=BOTTOM  style='border-top:2px solid #1E5F95;border-bottom:1px solid #1E5F95;padding:3pt'>
 <P STYLE='MARGIN-LEFT:17.3PT'><FONT SIZE=1 COLOR=#1E5F95  FACE=ARIAL><B>BlackRock
 Privacy Principles</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>BlackRock is committed to
 maintaining the privacy of its current and former fund investors and
 individual clients (collectively,&#148; Clients&#148;) and to safeguarding their
 nonpublic personal information. The following information is provided to help
 you understand what personal information BlackRock collects, how we protect
 that information and why in certain cases we share such information with
 select parties.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>If you are located in a
 jurisdiction where specific laws, rules or regulations require BlackRock to
 provide you with additional or different privacy-related rights beyond what
 is set forth below, then BlackRock will comply with those specific laws,
 rules or regulations.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>BlackRock obtains or verifies
 personal nonpublic information from and about you from different sources,
 including the following: (i) information we receive from you or, if
 applicable, your financial intermediary, on applications, forms or other
 documents; (ii) information about your transactions with us, our affiliates,
 or others; (iii) information we receive from a consumer reporting agency; and
 (iv) from visits to our websites.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>BlackRock does not sell or
 disclose to nonaffiliated third parties any nonpublic information about its
 Clients, except as permitted by law or as necessary to service Client
 accounts. These nonaffiliated third parties are required to protect the
 confidentiality and security of this information and to use it only for its
 intended purpose.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=ARIAL>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 nonpublic 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 nonpublic personal information of
 its Clients, including procedures relating to the proper storage and
 disposal of such information.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="20%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black;border-right:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP style='border-top:1px solid black'>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1  FACE=ARIAL>96</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>ANNUAL REPORT</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>AUGUST
 31, 2008</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT STYLE='MARGIN-RIGHT:8.65PT; '><FONT  SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 </TR>
</table>

<BR>

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<P><FONT SIZE=2 FACE=ARIAL>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 Trusts 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, currently set at the maximum reset rate as a result of
failed auctions, may affect the yield to Common Shareholders. Statements and
other information herein are as dated and are subject to change.</FONT></P>

<P><FONT SIZE=2 FACE=ARIAL>A description of the policies and procedures that the Trusts use to
determine how to vote proxies relating to portfolio securities is available (1)
without charge, upon request, by calling toll-free (800) 441-7762; (2) at
www.blackrock.com; and (3) on the Securities and Exchange Commission&#146;s website
at http://www.sec.gov. Information about how each Trust voted proxies relating
to securities held in each Trust&#146;s portfolio during the most recent 12-month
period ended June 30 is available upon request and without charge (1) at
www.blackrock.com or by calling (800) 441-7762 and (2) on the Securities and
Exchange Commission&#146;s website at http://www.sec.gov.</FONT></P>

<TABLE ALIGN=CENTER BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="50%" VALIGN=TOP>
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</TD>
<TD WIDTH="50%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2 FACE=ARIAL><IMG SRC="c54824003.jpg" ALT="(PAPERLESS LOGO)"></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2  FACE=ARIAL><IMG SRC="c54824001.jpg" ALT="(BLACKROCK LOGO)"></FONT></P>
</TD>
</TR>
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 <P><FONT SIZE=1  FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT'><FONT SIZE=1 FACE=ARIAL>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P STYLE="MARGIN-LEFT:8.65PT" ALIGN="RIGHT"><FONT SIZE=1 FACE=ARIAL>#CEF-AR-I-0808</FONT></P>
 </TD>
 </TR>
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<div style="margin-left:62px;text-indent:-62px">
  <font size=2 face="serif">Item 2 &#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Code
      of Ethics &#150; The registrant (or the &#147;Fund&#148;) has adopted a
      code of ethics, as of the end of the period covered by this report, applicable
      to the registrant&#146;s principal executive officer, principal financial
      officer and principal accounting officer, or persons performing similar
      functions. During the period covered by this report, there have been no
      amendments to or waivers granted under the code of ethics. A copy of the
      code of ethics is available without charge at www.blackrock.com. </font>
  <p align="left"> <font size=2 face="serif">Item 3 &#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit
      Committee Financial Expert &#150; The registrant&#146;s board of directors
      or trustees, as applicable (the &#147;board of directors&#148;) has determined
      that (i) the registrant has the following audit committee financial experts
      serving on its audit committee and (ii) each audit committee financial
      expert is independent:<br>
    </font><font size=2 face="serif">Kent Dixon</font><br>
    <font size=2 face="serif">Frank J. Fabozzi</font><br>
    <font size=2 face="serif">James T. Flynn (term began effective November 1,
    2007) </font><br>
    <font size=2 face="serif">W. Carl Kester (term began effective November 1,
    2007)</font><br>
    <font size=2 face="serif">Karen P. Robards (term began effective November
    1, 2007) </font><br>
    <font size=2 face="serif">Robert S. Salomon, Jr. (term began effective November
    1, 2007) </font></p>
</div>
<div style="margin-left:62px">
  <font size=2 face="serif">The registrant&#146;s board of directors
      has determined that W. Carl Kester and Karen P. Robards qualify as financial
      experts pursuant to Item 3(c)(4) of Form N-CSR.</font>
  <p align="left"> <font size=2 face="serif">Prof. Kester has a thorough understanding
      of generally accepted accounting principles, financial statements and internal
      control over financial reporting as well as audit committee functions.
      Prof. Kester has been involved in providing valuation and other financial
      consulting services to corporate clients since 1978. Prof. Kester&#146;s
      financial consulting services present a breadth and level of complexity
      of accounting issues that are generally comparable to the breadth and complexity
      of issues that can reasonably be expected to be raised by the registrant&#146;s
      financial statements.</font></p>
  <p align="left"> <font size=2 face="serif">Ms. Robards has a thorough understanding
      of generally accepted accounting principles, financial statements and internal
      control over financial reporting as well as audit committee functions.
      Ms. Robards has been President of Robards &amp; Company, a financial advisory
      firm, since 1987. Ms. Robards was formerly an investment banker for more
      than 10 years where she was responsible for evaluating and assessing the
      performance of companies based on their financial results. Ms. Robards
      has over 30 years of experience analyzing financial statements. She also
      is a member of the audit committee of one publicly held company and a non-profit
      organization. </font></p>
  <p align="left"> <font size=2 face="serif">Under applicable securities laws,
      a person determined to be an audit committee financial expert will not
      be deemed an &#147;expert&#148; for any purpose, including without limitation
      for the purposes of Section 11 of the Securities Act of 1933, as a result
      of being designated or identified as an audit committee financial expert.
      The designation or identification as an audit committee financial expert
      does not impose on such person any duties, obligations, or liabilities
      greater than the duties, obligations, and liabilities imposed on such person
      as a member of the audit committee and board of directors in the absence
      of such designation or identification. </font></p>
</div>
<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="left">
<FONT size=2 face="serif">Item 4 &#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal
Accountant Fees and Services</FONT></P>
<div style="border-bottom:1px solid #000000"> &nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;"> <div align="center"><B><FONT size=1 face="serif">(a) Audit Fees</FONT></B> </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;"><div align="center"><B><FONT size=1 face="serif">(b) Audit-Related Fees</FONT></B><B><SUP><FONT size=1 face="serif">1</FONT></SUP></B> </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;"> <div align="center"><B><FONT size=1 face="serif">(c) Tax Fees</FONT></B><B><SUP><FONT size=1 face="serif">2</FONT></SUP></B> </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap colspan=3 style="border-bottom:1px solid #000000;"> <div align="center"><B><FONT size=1 face="serif">(d) All Other Fees</FONT></B><B><SUP><FONT size=1 face="serif">3</FONT></SUP></B> </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><U><FONT size=1 face="serif">Current</FONT></U></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><U><FONT size=1 face="serif">Previous</FONT></U></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><U><FONT size=1 face="serif">Current</FONT></U></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><U><FONT size=1 face="serif">Previous</FONT></U></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><U><FONT size=1 face="serif">Current</FONT></U></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><U><FONT size=1 face="serif">Previous</FONT></U></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><U><FONT size=1 face="serif">Current</FONT></U></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><U><FONT size=1 face="serif">Previous</FONT></U></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><U><FONT size=1 face="serif">Fiscal Year</FONT></U></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><U><FONT size=1 face="serif">Fiscal Year</FONT></U></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><U><FONT size=1 face="serif">Fiscal Year</FONT></U></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><U><FONT size=1 face="serif">Fiscal Year</FONT></U></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><U><FONT size=1 face="serif">Fiscal Year</FONT></U></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><U><FONT size=1 face="serif">Fiscal Year</FONT></U></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><U><FONT size=1 face="serif">Fiscal Year</FONT></U></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><U><FONT size=1 face="serif">Fiscal Year</FONT></U></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><U><FONT size=1 face="serif">Entity Name</FONT></U></B> </div></TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><U><FONT size=1 face="serif">End</FONT></U></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><U><FONT size=1 face="serif">End</FONT></U></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><U><FONT size=1 face="serif">End</FONT></U></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><U><FONT size=1 face="serif">End</FONT></U></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><U><FONT size=1 face="serif">End</FONT></U></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><U><FONT size=1 face="serif">End</FONT></U></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><U><FONT size=1 face="serif">End</FONT></U></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><U><FONT size=1 face="serif">End</FONT></U></B>  </TD>
</TR>

<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">BlackRock Insured</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">Municipal Income</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="serif">&#36;26,800</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="serif">&#36;36,200</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="serif">&#36;3,500</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="serif">&#36;1,975</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="serif">&#36;6,100</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="serif">&#36;6,100</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="serif">&#36;1,049</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<FONT size=1 face="serif">&#36;1,042</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">Trust</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT size=2 face="serif"><sup>1 </sup> The nature of the services include assurance and related services reasonably related to the performance of the audit of financial statements not included in Audit Fees.<br>
<sup>2 </sup> The nature of the services include tax compliance, tax advice and tax planning. <br>
<sup>3</sup> The nature of the services include a review of compliance procedures and attestation thereto. </FONT></P>
<div style="margin-left:62px">
  <font size=2 face="serif">(e)(1) Audit Committee Pre-Approval
      Policies and Procedures:</font><b><font size=2 face="serif"> </font></b>
      <p align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">The registrant&#146;s audit committee
      (the &#147;Committee&#148;) has adopted policies and procedures with regard
      to the pre-approval of services. Audit, audit-related and tax compliance
      services provided to the registrant on an annual basis require specific
      pre-approval by the Committee. The Committee also must approve other non-audit
      services provided to the registrant and those non-audit services provided
      to the registrant&#146;s affiliated service providers that relate directly
      to the operations and the financial reporting of the registrant. Certain
      of these non-audit services that the Committee believes are a) consistent
      with the SEC&#146;s auditor independence rules and b) routine and recurring
      services that will not impair the independence of the independent accountants
      may be approved by the Committee without consideration on a specific case-by-case
      basis (&#147;general pre-approval&#148;). The term of any general pre-approval
      is 12 months from the date of the pre-approval, unless the Committee provides
      for a different period. Tax or other non-audit services provided to the
      registrant which have a direct impact on the operation or financial reporting
      of the registrant will only be deemed pre-approved provided that any individual
      project does not exceed &#36;10,000 attributable to the registrant or &#36;50,000
      for all of the registrants the Committee oversees. For this purpose, multiple
      projects will be aggregated to determine if they exceed the previously
      mentioned cost levels.</font></p>
  <p align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">Any
      proposed services exceeding the pre-approved cost levels will require specific
      pre-approval by the Committee, as will any other services not subject to
      general pre-approval (e.g., unanticipated but permissible services). The
      Committee is informed of each service approved subject to general pre-approval
      at the next regularly scheduled in-person board meeting. At this meeting,
      an analysis of such services is presented to the Committee for ratification.
      The Committee may delegate to one or more of its members the authority
      to approve the provision of and fees for any specific engagement of permitted
      non-audit services, including services exceeding pre-approved cost levels. </font></p>
  <p align="left"> <font size=2 face="serif">(e)(2) None of the services described
      in each of Items 4(b) through (d) were approved by the audit committee
      pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. </font></p>
  <p align="left"> <font size=2 face="serif">(f) Not Applicable </font></p>
  <p align="left"> <font size=2 face="serif">(g) </font><u><font size=2 face="serif">Affiliates&#146; Aggregate
        Non-Audit Fees:</font></u></p>
</div>
<TABLE width="50%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD colspan="5" align=left nowrap><div style="border-bottom:1px solid #000000"> &nbsp;</div></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><U><FONT size=1 face="serif">Current Fiscal Year</FONT></U></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><U><FONT size=1 face="serif">Previous Fiscal Year</FONT></U></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B><U><FONT size=1 face="serif">Entity Name</FONT></U></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><U><FONT size=1 face="serif">End</FONT></U></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><U><FONT size=1 face="serif">End</FONT></U></B>  </TD>
</TR>
<TR>
  <TD colspan=5><div style="border-bottom:1px solid #000000"> &nbsp;</div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=1 face="serif">BlackRock Insured Municipal</FONT>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD style="border-bottom:1px solid #000000;" align=left nowrap>
<FONT size=1 face="serif">Income Trust</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;" align=center nowrap>
<FONT size=1 face="serif">&#36;298,149</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;" align=center nowrap>
<FONT size=1 face="serif">&#36;293,617</FONT>  </TD>
</TR>
</TABLE>
<BR>

<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="margin-left:62px">
  <font size=2 face="serif">(h) The registrant&#146;s audit committee
      has considered and determined that the provision of non-audit services
      that were rendered to the registrant&#146;s investment advisor (not including
      any non-affiliated sub-advisor whose role is primarily portfolio management
      and is subcontracted with or overseen by the registrant&#146;s investment
      advisor), and any entity controlling, controlled by, or under common control
      with the investment advisor that provides ongoing services to the registrant
      that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01
      of Regulation S-X is compatible with maintaining the principal accountant&#146;s
      independence.</font>
  <p align="left"> <font size=2 face="serif">Regulation S-X Rule 2-01(c)(7)(ii) &#150; &#36;287,500,
      0% </font></p>
</div>
<div style="margin-left:62px;text-indent:-62px">
  <font size=2 face="serif">Item 5 &#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  Audit
      Committee of Listed Registrants &#150; The following individuals are members
      of the registrant&#146;s separately-designated standing audit committee
      established in accordance with Section 3(a)(58)(A) of the Securities Exchange
      Act of 1934 (15 U.S.C. 78c(a)(58)(A)): <br>
  <br>
  </font><font size=2 face="serif">Richard E. Cavanagh (not reappointed to
    audit committee as of November 1, 2007) </font><br>
  <font size=2 face="serif">Kent Dixon</font><br>
  <font size=2 face="serif">Frank J. Fabozzi</font><br>
  <font size=2 face="serif">James T. Flynn (term began effective November 1,
    2007) </font><br>
  <font size=2 face="serif">W. Carl Kester (term began effective November 1,
    2007)</font><br>
  <font size=2 face="serif">Karen P. Robards (term began effective November
    1, 2007) </font><br>
  <font size=2 face="serif">Robert S. Salomon, Jr. (term began effective November
1, 2007) </font></div>
<P align="left"><FONT size=2 face="serif">Item 6 &#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments</FONT></P>
<div style="margin-left:62px">
  <font size=2 face="serif">(a) The registrant&#146;s Schedule
      of Investments is included as part of the Report to Stockholders filed
      under Item 1 of this form. </font>
  <p align="left"> <font size=2 face="serif">(b) Not Applicable due to no such
      divestments during the semi-annual period covered since the previous Form
      N-CSR filing. </font></p>
</div>
<div style="margin-left:62px;text-indent:-62px">
  <font size=2 face="serif">Item 7 &#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  Disclosure
      of Proxy Voting Policies and Procedures for Closed-End Management Investment
      Companies &#150; The board of directors has delegated the voting of proxies
      for the Fund securities to the Fund&#146;s investment advisor (&#147;Investment
      Advisor&#148;) pursuant to the Investment Advisor&#146;s proxy voting guidelines.
      Under these guidelines, the Investment Advisor will vote proxies related
      to Fund securities in the best interests of the Fund and its stockholders.
      From time to time, a vote may present a conflict between the interests
      of the Fund&#146;s stockholders, on the one hand, and those of the Investment
      Advisor, or any affiliated person of the Fund or the Investment Advisor,
      on the other. In such event, provided that the Investment Advisor&#146;s
      Equity Investment Policy Oversight Committee, or a sub-committee thereof
      (the &#147;Oversight Committee&#148;) is aware of the real or potential
      conflict or material non-routine matter and if the Oversight Committee
      does not reasonably believe it is able to follow its general voting guidelines
      (or if the particular proxy matter is not addressed in the guidelines)
      and vote impartially, the Oversight Committee may retain an independent
      fiduciary to advise the Oversight Committee on how to vote or to cast votes
      on behalf of the Investment Advisor&#146;s clients. If the Investment Advisor
      determines not to retain an independent fiduciary, or does not desire to
      follow the advice of such independent fiduciary, the Oversight Committee
      shall determine how to vote the proxy after consulting with the Investment
      Advisor&#146;s Portfolio Management Group and/or the Investment Advisor&#146;s
      Legal and Compliance Department and concluding that the vote cast is in
      its client&#146;s best interest notwithstanding the conflict. A copy of
      the Fund&#146;s Proxy Voting Policy and Procedures are attached as Exhibit
      99.PROXYPOL. Information on how the Fund voted proxies relating to portfolio
securities during the most recent 12-month period </font></div>
<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="margin-left:62px">
  <p align="left"><font size=2 face="serif">ended June 30 is available without
      charge, (i) at www.blackrock.com and (ii) on the SEC&#146;s website at </font><u><font size=2 face="serif">http://www.sec.gov</font></u><font size=2 face="serif">. </font></p>
</div>
<P align="left"><FONT size=2 face="serif">Item 8 &#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio
    Managers of Closed-End Management Investment Companies &#150; as of August
    31, 2008. </FONT></P>
<div style="margin-left:62px">
  <font size=2 face="serif">(a)(1) BlackRock Insured Municipal
      Income Trust is managed by a team of investment professionals comprised
      of Theodore R. Jaeckel, Jr., CFA, Michael A. Kalinoski, CFA and Walter
      O&#146;Connor. Each is a member of BlackRock&#146;s municipal tax-exempt
      management group. Each is jointly responsible for the day-to-day management
      of the Fund&#146;s portfolio, which includes setting the Fund&#146;s overall
      investment strategy, overseeing the management of the Fund and/or selection
      of its investments. Messrs. Jaeckel, Kalinoski and</font><font size=2 face="serif"> O&#146;Connor
      have been members of the Fund&#146;s management team since 2006.</font>
      <p align="left"> <font size=2 face="serif">Mr. Jaeckel joined BlackRock in
      2006. Prior to joining BlackRock, he was a Managing Director (Municipal
      Tax-Exempt Fund Management) of Merrill Lynch Investment Managers, L.P.
      (&#147;MLIM&#148;) from 2005 to 2006 and a Director of MLIM from 1997 to
      2005. He has been a portfolio manager with BlackRock or MLIM since 1991.</font></p>
  <p align="left"> <font size=2 face="serif">Mr. Kalinoski joined BlackRock in
      2006. Prior to joining BlackRock, he was Director (Municipal Tax-Exempt
      Fund Management) of MLIM since 2006 and a Vice President from 1999 to 2006.
      He has been a portfolio manager of BlackRock or MLIM since 1999. </font></p>
  <p align="left"> <font size=2 face="serif">Mr. O&#146;Connor joined BlackRock
      in 2006. Prior to joining BlackRock, he was a Managing Director (Municipal
      Tax-Exempt Fund Management) of MLIM from 2003 to 2006 and was a Director
      of MLIM from 1997 to 2002. He has been a portfolio manager with BlackRock
      or MLIM since 1991. </font></p>
  <p align="left"> <font size=2 face="serif">(a)(2) As of August 31, 2008:</font></p>
</div>
<div style="border-bottom:1px solid #000000"> &nbsp;</div>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap colspan=5>
<B><FONT size=1 face="serif">Number of Other Accounts Managed</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap colspan=5>
<B><FONT size=1 face="serif">Number of Other Accounts and</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap colspan=5>
<B><FONT size=1 face="serif">and Assets by Account Type</FONT></B>      </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap colspan=5>
<B><FONT size=1 face="serif">Assets for Which Advisory Fee is</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD colspan="5" align=left nowrap style="border-bottom:1px solid #000000;">
    <div align="center"><B><FONT size=1 face="serif">Performance-Based</FONT></B> </div></TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=1 face="serif">Other</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=1 face="serif">Other Pooled</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=1 face="serif">Other</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=1 face="serif">Other Pooled</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=left nowrap>&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=right nowrap>
    <div align="center"><B><FONT size=1 face="serif">Name of</FONT></B> </div></TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=1 face="serif">Registered</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=1 face="serif">Investment</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=1 face="serif">Other</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=1 face="serif">Registered</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=1 face="serif">Investment</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=1 face="serif">Other</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=center nowrap>
<B><FONT size=1 face="serif">Portfolio Manager</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=1 face="serif">Investment</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=1 face="serif">Vehicles</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=1 face="serif">Accounts</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=1 face="serif">Investment</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=1 face="serif">Vehicles</FONT></B>  </TD>
  <TD>&nbsp;  </TD>
  <TD align=center nowrap>
<B><FONT size=1 face="serif">Accounts</FONT></B>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="serif">Companies</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="serif">Companies</FONT></B>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap bgcolor="#E5FFFF" style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">Theodore R. Jaeckel, Jr.</FONT>  </TD>
  <TD bgcolor="#E5FFFF" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap bgcolor="#E5FFFF" style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">81</FONT>  </TD>
  <TD bgcolor="#E5FFFF" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap bgcolor="#E5FFFF" style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">0</FONT>  </TD>
  <TD bgcolor="#E5FFFF" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap bgcolor="#E5FFFF" style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">0</FONT>  </TD>
  <TD bgcolor="#E5FFFF" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap bgcolor="#E5FFFF" style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">0</FONT>  </TD>
  <TD bgcolor="#E5FFFF" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap bgcolor="#E5FFFF" style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">0</FONT>  </TD>
  <TD bgcolor="#E5FFFF" style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap bgcolor="#E5FFFF" style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">0</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">&#36;19.3 Billion</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">&#36;0</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">&#36;0</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">&#36;0</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">&#36;0</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">&#36;0</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">Michael A. Kalinoski</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">5</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">0</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">0</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">0</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">0</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">0</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">&#36;1.86 Billion</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">&#36;0</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">&#36;0</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">&#36;0</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">&#36;0</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">&#36;0</FONT>  </TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">Walter O&#146;Connor</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">81</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">0</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">0</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">0</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">0</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">0</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">&#36;19.3 Billion</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">&#36;0</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">&#36;0</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">&#36;0</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">&#36;0</FONT>  </TD>
  <TD style="border-bottom:1px solid #000000;">&nbsp;  </TD>
  <TD align=center nowrap style="border-bottom:1px solid #000000;">
<FONT size=1 face="serif">&#36;0</FONT>  </TD>
</TR>
</TABLE>
<BR>
<div style="margin-left:62px">
  <font size=2 face="serif">(iv) Potential Material Conflicts
      of Interest</font>
  <p align="left"> <font size=2 face="serif">BlackRock, Inc. and its affiliates
      (collectively, herein &#147;BlackRock&#148;) has built a professional working
      environment, firm-wide compliance culture and compliance procedures and
      systems designed to protect against potential incentives that may favor
      one account over another. BlackRock has adopted policies and procedures
      that address the allocation of investment opportunities, execution of portfolio
      transactions, personal trading by employees and other potential conflicts
      of interest that are designed to ensure that all client accounts are treated
      equitably over time. Nevertheless, BlackRock </font></p>
</div>
<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="margin-left:62px">
  <font size=2 face="serif">furnishes investment management and
      advisory services to numerous clients in addition to the Fund, and BlackRock
      may, consistent with applicable law, make investment recommendations to
      other clients or accounts (including accounts which are hedge funds or
      have performance or higher fees paid to BlackRock, or in which portfolio
      managers have a personal interest in the receipt of such fees), which may
      be the same as or different from those made for the Fund. In addition,
      BlackRock, its affiliates and any officer, director, stockholder or employee
      may or may not have an interest in the securities whose purchase and sale
      BlackRock recommends to the Fund. BlackRock, or any of its affiliates,
      or any officer, director, stockholder, employee or any member of their
      families may take different actions than those recommended to the Fund
      by BlackRock with respect to the same securities. Moreover, BlackRock may
      refrain from rendering any advice or services concerning securities of
      companies of which any of BlackRock&#146;s (or its affiliates&#146;) officers,
      directors or employees are directors or officers, or companies as to which
      BlackRock or any of its affiliates or the officers, directors or employees
      of any of them has any substantial economic interest or possesses material
      non-public information. Each portfolio manager also may manage accounts
      whose investment strategies may at times be opposed to the strategy utilized
      for a fund. In this regard, it should be noted that a portfolio manager
      may currently manage certain accounts that are subject to performance fees.
      In addition, a portfolio manager may assist in managing certain hedge funds
      and may be entitled to receive a portion of any incentive fees earned on
      such funds and a portion of such incentive fees may be voluntarily or involuntarily
      deferred. Additional portfolio managers may in the future manage other
      such accounts or funds and may be entitled to receive incentive fees.</font>
  <p align="left"> <font size=2 face="serif">As a fiduciary, BlackRock owes a
      duty of loyalty to its clients and must treat each client fairly. When
      BlackRock purchases or sells securities for more than one account, the
      trades must be allocated in a manner consistent with its fiduciary duties.
      BlackRock attempts to allocate investments in a fair and equitable manner
      among client accounts, with no account receiving preferential treatment.
      To this end, BlackRock has adopted a policy that is intended to ensure
      that investment opportunities are allocated fairly and equitably among
      client accounts over time. This policy also seeks to achieve reasonable
      efficiency in client transactions and provide BlackRock with sufficient
      flexibility to allocate investments in a manner that is consistent with
      the particular investment discipline and client base. </font></p>
  <p align="left"> <font size=2 face="serif">(a)(3) As of August 31, 2008:</font></p>
  <p align="left"> <b><font size=2 face="serif">Portfolio Manager Compensation
        Overview </font></b></p>
  <p align="left"> <font size=2 face="serif">BlackRock&#146;s financial arrangements
      with its portfolio managers, its competitive compensation and its career
      path emphasis at all levels reflect the value senior management places
      on key resources. Compensation may include a variety of components and
      may vary from year to year based on a number of factors. The principal
      components of compensation include a base salary, a performance-based discretionary
      bonus, participation in various benefits programs and one or more of the
      incentive compensation programs established by BlackRock such as its Long-Term
      Retention and Incentive Plan. </font></p>
  <p align="left"> <b><font size=2 face="serif">Base compensation. </font></b><font size=2 face="serif">Generally,
      portfolio managers receive base compensation based on their seniority and/or
      their position with the firm.</font><font size=2 face="serif"> </font><font size=2 face="serif">Senior
      portfolio managers who perform additional management functions within the
      portfolio management group or within BlackRock may receive additional compensation
      for serving in these other capacities. </font></p>
</div>
<HR noshade align="center" width="100%" size=4>
<PAGE>


<div style="margin-left:62px">
  <p></p>
  <p align="left"><b><font size=2 face="serif">Discretionary Incentive Compensation </font></b></p>
  <p align="left"> <font size=2 face="serif">Discretionary incentive compensation
      is a function of several components: the performance of BlackRock, Inc.,
      the performance of the portfolio manager&#146;s group within BlackRock,
      the investment performance, including risk-adjusted returns, of the firm&#146;s
      assets under management or supervision by that portfolio manager relative
      to predetermined benchmarks, and the individual&#146;s seniority, role
      within the portfolio management team, teamwork and contribution to the
      overall performance of these portfolios and BlackRock. In most cases, including
      for the portfolio managers of the Fund, these benchmarks are the same as
      the benchmark or benchmarks against which the performance of the Fund or
      other accounts managed by the portfolio managers are measured. BlackRock&#146;s
      Chief Investment Officers determine the benchmarks against which the performance
      of funds and other accounts managed by each portfolio manager is compared
      and the period of time over which performance is evaluated. With respect
      to the portfolio managers, such benchmarks for the Fund include a combination
      of market-based indices (e.g. Lehman Brothers Municipal Bond Index), certain
      customized indices and certain fund industry peer groups. </font></p>
  <p align="left"> <font size=2 face="serif">BlackRock&#146;s Chief Investment
      Officers make a subjective determination with respect to the portfolio
      managers&#146; compensation based on the performance of the funds and other
      accounts managed by each portfolio manager relative to the various benchmarks
      noted above. Performance is measured on both a pre-tax and after-tax basis
      over various time periods including 1, 3, 5 and 10-year periods, as applicable.</font></p>
  <p align="left"> <b><font size=2 face="serif">Distribution of Discretionary
        Incentive Compensation </font></b></p>
  <p align="left"> <font size=2 face="serif">Discretionary incentive compensation
      is distributed to portfolio managers in a combination of cash and BlackRock,
      Inc. restricted stock units which vest ratably over a number of years.
      The BlackRock, Inc. restricted stock units, if properly vested, will be
      settled in BlackRock, Inc. common stock. Typically, the cash bonus, when
      combined with base salary, represents more than 60% of total compensation
      for the portfolio managers. Paying a portion of annual bonuses in stock
      puts compensation earned by a portfolio manager for a given year &#147;at
      risk&#148; based on BlackRock&#146;s ability to sustain and improve its
      performance over future periods. </font></p>
  <p align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i><font size=2 face="serif">Long-Term
        Retention and Incentive Plan (&#147;LTIP&#148;) &#151; </font></i><font size=2 face="serif">The
        LTIP is a long-term incentive plan that seeks to reward certain key employees.
        Beginning in 2006, awards are granted under the LTIP in the form of BlackRock,
        Inc. restricted stock units that, if properly vested and subject to the
        attainment of certain performance goals, will be settled in BlackRock,
        Inc. common stock. Messrs. Jaeckel and O&#146;Connor have each received
        awards under the LTIP.</font><i><font size=2 face="serif"> </font></i></p>
  <p align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i><font size=2 face="serif">Deferred
        Compensation Program &#151; </font></i><font size=2 face="serif">A portion
        of the compensation paid to eligible BlackRock employees may be voluntarily
        deferred into an account that tracks the performance of certain of the
        firm&#146;s investment products. Each participant in the deferred compensation
        program is permitted to allocate his deferred amounts among the various
        investment options. Each portfolio manager has participated in the deferred
        compensation program. </font><i><font size=2 face="serif"> </font></i></p>
  <p align="left"> <b><font size=2 face="serif">Other compensation benefits. </font></b><font size=2 face="serif">In
      addition to base compensation</font><font size=2 face="serif"> </font><font size=2 face="serif">and
      discretionary incentive compensation, portfolio managers may be eligible
      to receive or participate in one or more of the following:</font><b><font size=2 face="serif"> </font></b></p>
  <p align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i><font size=2 face="serif">Incentive
        Savings Plans &#151;</font></i><font size=2 face="serif"> BlackRock,
        Inc. has created a variety of incentive savings plans in which BlackRock
        employees are eligible to participate, including a 401(k) plan, the BlackRock
        Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase
        Plan </font></p>
</div>
<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<div style="margin-left:62px">
  <font size=2 face="serif">(ESPP). The employer contribution
      components of the RSP include a company match equal to 50% of the first
      6% of eligible pay contributed to the plan capped at &#36;4,000 per year,
      and a company retirement contribution equal to 3% of eligible compensation,
      plus an additional contribution of 2% for any year in which BlackRock has
      positive net operating income. The RSP offers a range of investment options,
      including registered investment companies managed by the firm. BlackRock
      contributions follow the investment direction set by participants for their
      own contributions or, absent employee investment direction, are invested
      into a balanced portfolio. The ESPP allows for investment in BlackRock
      common stock at a 5% discount on the fair market value of the stock on
      the purchase date. Annual participation in the ESPP is limited to the purchase
      of 1,000 shares or a dollar value of &#36;25,000. Each portfolio manager
      is eligible to participate in these plans.</font><i><font size=2 face="serif"> </font></i>
      <p align="left"> <font size=2 face="serif">(a)(4) </font><i><font size=2 face="serif">Beneficial
        Ownership of Securities. </font></i><font size=2 face="serif">As of August
        31, 2008, none of Messrs. Jaeckel, Kalinoski or O&#146;Connor beneficially
        owned any stock issued by the Fund.</font></p>
</div>
<div style="margin-left:62px;text-indent:-62px">
  <font size=2 face="serif">Item 9 &#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases
      of Equity Securities by Closed-End Management Investment Company and Affiliated
      Purchasers &#150; Not Applicable due to no such purchases during the period
      covered by this report. </font>
  <p align="left"> <font size=2 face="serif">Item 10 &#150; &nbsp;&nbsp;Submission
      of Matters to a Vote of Security Holders &#150; The registrant&#146;s Nominating
      and Governance Committee will consider nominees to the board of directors
      recommended by shareholders when a vacancy becomes available. Shareholders
      who wish to recommend a nominee should send nominations that include biographical
      information and set forth the qualifications of the proposed nominee to
      the registrant&#146;s Secretary. There have been no material changes to
      these procedures.</font></p>
  <p align="left"> <font size=2 face="serif">Item 11 &#150; &nbsp;&nbsp;Controls
      and Procedures </font></p>
  <p align="left"> <font size=2 face="serif">11(a) &#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
      registrant&#146;s principal executive and principal financial officers
      or persons performing similar functions have concluded that the registrant&#146;s
      disclosure controls and procedures (as defined in Rule 30a-3(c) under the
      Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;))
      are effective as of a date within 90 days of the filing of this report
      based on the evaluation of these controls and procedures required by Rule
      30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange
      Act of 1934, as amended. </font></p>
  <p align="left"> <font size=2 face="serif">11(b) &#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There
      were no changes in the registrant&#146;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&#146;s internal control over financial reporting. </font></p>
</div>
<P align="left"><FONT size=2 face="serif">Item 12 &#150; &nbsp;&nbsp;Exhibits attached hereto </FONT></P>
<P align="left">
<FONT size=2 face="serif">12(a)(1) &#150; &nbsp;Code of Ethics &#150; See Item
2 </FONT></P>
<P align="left">
<FONT size=2 face="serif">12(a)(2) &#150; &nbsp;Certifications &#150; Attached hereto </FONT></P>
<P align="left">
<FONT size=2 face="serif">12(a)(3) &#150; &nbsp;Not Applicable </FONT></P>
<P align="left">
<FONT size=2 face="serif">12(b) &#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Certifications &#150; Attached
hereto </FONT></P>

<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>
<P align="left">
<FONT size=2 face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized. </FONT></P>
<P align="left">
<FONT size=2 face="serif">BlackRock Insured Municipal Income Trust </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">By:&nbsp;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">/s/
    Donald C. Burke</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Donald C. Burke</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Chief Executive Officer of</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">BlackRock Insured Municipal Income Trust&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT size=2 face="serif">Date: October 20, 2008 </FONT></P>
<P align="left">
<FONT size=2 face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on
the dates indicated. </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">By:&nbsp;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">/s/
    Donald C. Burke</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Donald C. Burke</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Chief Executive Officer (principal executive officer) of</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">BlackRock Insured Municipal Income Trust</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT size=2 face="serif">Date: October 20, 2008 </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR valign="bottom">
  <TD align=left nowrap>
<FONT size=2 face="serif">By:&nbsp;</FONT>  </TD>
  <TD align=left nowrap style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">/s/
      Neal J. Andrews</FONT> </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Neal J. Andrews</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">Chief Financial Officer (principal financial officer) of&nbsp;&nbsp;</FONT>  </TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;  </TD>
  <TD align=left nowrap>
<FONT size=2 face="serif">BlackRock Insured Municipal Income Trust</FONT>  </TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT size=2 face="serif">Date: October 20, 2008</FONT></P>

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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>5
<FILENAME>c55238_ex99-cert.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
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<BODY bgcolor="#ffffff">



<P align="left">
<B><FONT size=2 face="serif">EX-99. CERT </FONT></B><BR>
<B><FONT size=2 face="serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF </FONT></B><BR>
<B><FONT size=2 face="serif">THE SARBANES-OXLEY ACT OF 2002 </FONT></B></P>
<hr size="1" noshade>
<P align="left">
<FONT size=2 face="serif">I, Donald C. Burke, Chief Executive Officer (principal executive officer) of BlackRock Insured Municipal Income Trust, certify that: </FONT></P>
<P align="left">
<FONT size=2 face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this report on Form N-CSR of BlackRock Insured Municipal Income Trust; </FONT></P>
<P align="left">
<FONT size=2 face="serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>
<P align="left">
<FONT size=2 face="serif">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report fairly present in all material respects the
financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </FONT></P>
<P align="left">
<FONT size=2 face="serif">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></P>
<div style="margin-left:45px">
  <font size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;designed
      such disclosure controls and procedures, or caused such disclosure controls
      and procedures to be designed under our supervision, to ensure that material
      information relating to the registrant, including its consolidated subsidiaries,
      is made known to us by others within those entities, particularly during
      the period in which this report is being prepared; </font>
  <p align="left"> <font size=2 face="serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;designed
      such internal control over financial reporting, or caused such internal
      control over financial reporting to be designed under our supervision,
      to provide reasonable assurance regarding the reliability of financial
      reporting and the preparation of financial statements for external purposes
      in accordance with generally accepted accounting principles; </font></p>
  <p align="left"> <font size=2 face="serif">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;evaluated
      the effectiveness of the registrant&#146;s disclosure controls and procedures
      and presented in this report our conclusions about the effectiveness of
      the disclosure controls and procedures, as of a date within 90 days prior
      to the filing date of this report, based on such evaluation; and </font></p>
  <p align="left"> <font size=2 face="serif">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;disclosed
      in this report any change in the registrant&#146;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&#146;s internal control over
      financial reporting; and </font></p>
</div>
<P align="left"><FONT size=2 face="serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committees of the
registrant&#146;s board of directors (or persons performing the equivalent functions): </FONT></P>
<div style="margin-left:45px">
  <font size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&#146;s ability to record, process, summarize,
      and report financial information; and </font>
  <p align="left"> <font size=2 face="serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
      fraud, whether or not material, that involves management or other employees
      who have a significant role in the registrant&#146;s internal control over
      financial reporting. </font></p>
</div>
<P align="left"><FONT size=2 face="serif">Date: October 20, 2008</FONT></P>
<P align="left">
<FONT size=2 face="serif"> <u>/s/ Donald C. Burke </u><br>
Donald C. Burke </FONT><BR>
<FONT size=2 face="serif">Chief Executive Officer (principal executive officer) of</FONT><BR>
<FONT size=2 face="serif">BlackRock Insured Municipal Income Trust</FONT></P>

<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>
<P align="left">
<B><FONT size=2 face="serif">EX-99. CERT </FONT></B><BR>
<B><FONT size=2 face="serif">CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF </FONT></B><BR>
<B><FONT size=2 face="serif">THE SARBANES-OXLEY ACT OF 2002 </FONT></B></P>
<hr size="1" noshade>
<P align="left">
<FONT size=2 face="serif">I, Neal J. Andrews, Chief Financial Officer (principal financial officer) of BlackRock Insured Municipal Income Trust, certify that: </FONT></P>
<P align="left">
<FONT size=2 face="serif">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this report on Form N-CSR of BlackRock Insured Municipal Income Trust; </FONT></P>
<P align="left">
<FONT size=2 face="serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>
<P align="left">
<FONT size=2 face="serif">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report fairly present in all material respects the
financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </FONT></P>
<P align="left">
<FONT size=2 face="serif">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></P>
<div style="margin-left:45px">
  <font size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;designed
      such disclosure controls and procedures, or caused such disclosure controls
      and procedures to be designed under our supervision, to ensure that material
      information relating to the registrant, including its consolidated subsidiaries,
      is made known to us by others within those entities, particularly during
      the period in which this report is being prepared; </font>
  <p align="left"> <font size=2 face="serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;designed
      such internal control over financial reporting, or caused such internal
      control over financial reporting to be designed under our supervision,
      to provide reasonable assurance regarding the reliability of financial
      reporting and the preparation of financial statements for external purposes
      in accordance with generally accepted accounting principles; </font></p>
  <p align="left"> <font size=2 face="serif">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;evaluated
      the effectiveness of the registrant&#146;s disclosure controls and procedures
      and presented in this report our conclusions about the effectiveness of
      the disclosure controls and procedures, as of a date within 90 days prior
      to the filing date of this report, based on such evaluation; and </font></p>
  <p align="left"> <font size=2 face="serif">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;disclosed
      in this report any change in the registrant&#146;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&#146;s internal control over
      financial reporting; and </font></p>
</div>
<P align="left"><FONT size=2 face="serif">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committees of the
registrant&#146;s board of directors (or persons performing the equivalent functions): </FONT></P>
<div style="margin-left:45px">
  <font size=2 face="serif">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&#146;s ability to record, process, summarize,
      and report financial information; and </font>
  <p align="left"> <font size=2 face="serif">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any
      fraud, whether or not material, that involves management or other employees
      who have a significant role in the registrant&#146;s internal control over
      financial reporting. </font></p>
</div>
<P align="left"><FONT size=2 face="serif">Date: October 20, 2008</FONT></P>
<P align="left">
<FONT size=2 face="serif"> <u>/s/ Neal J. Andrews <br>
</u>Neal J. Andrews </FONT><BR>
<FONT size=2 face="serif">Chief Financial Officer (principal financial officer) of</FONT><BR>
<FONT size=2 face="serif">BlackRock Insured Municipal Income Trust</FONT></P>

<HR noshade align="center" width="100%" size=4>


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</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>6
<FILENAME>c55238_ex99-906cert.htm
<TEXT>

<HTML>
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   <TITLE></TITLE>
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<BODY bgcolor="#ffffff">


<P align="left">
<FONT size=2 face="serif">Exhibit 99.1350CERT </FONT></P>
<P align="center">
<B><FONT size=2 face="serif">Certification Pursuant to Rule 30a-2(b) under the 1940 Act and</FONT></B><BR>
<B><FONT size=2 face="serif">Section 906 of the Sarbanes Oxley Act </FONT></B></P>
<P align="left">
<FONT size=2 face="serif">Pursuant to 18 U.S.C. &#167; 1350, the undersigned officer of BlackRock Insured Municipal Income Trust (the &#147;Registrant&#148;), hereby certifies, to the best of his knowledge, that the Registrant&#146;s Report on Form
N-CSR for the period ended August 31, 2008, (the &#147;Report&#148;) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations of the Registrant. </FONT></P>
<P align="left">
<FONT size=2 face="serif">Date: October 20, 2008 </FONT></P>
<P align="left">
<FONT size=2 face="serif"><u>/s/ Donald C. Burke </u><br>
Donald C. Burke </FONT><BR>
<FONT size=2 face="serif">Chief Executive Officer (principal executive officer) of </FONT><BR>
<FONT size=2 face="serif">BlackRock Insured Municipal Income Trust </FONT></P>
<P align="left">
<FONT size=2 face="serif">Pursuant to 18 U.S.C. &#167; 1350, the undersigned officer of BlackRock Insured Municipal Income Trust (the &#147;Registrant&#148;), hereby certifies, to the best of his knowledge, that the Registrant&#146;s Report on Form
N-CSR for the period ended August 31, 2008, (the &#147;Report&#148;) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations of the Registrant. </FONT></P>
<P align="left">
<FONT size=2 face="serif">Date: October 20, 2008 </FONT></P>
<P align="left">
<FONT size=2 face="serif"><u>/s/ Neal J. Andrews </u><br>
Neal J. Andrews </FONT><BR>
<FONT size=2 face="serif">Chief Financial Officer (principal financial officer) of </FONT><BR>
<FONT size=2 face="serif">BlackRock Insured Municipal Income Trust </FONT></P>
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<FONT size=2 face="serif">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</FONT><B><FONT size=2 face="serif">. </FONT></B></P>

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<P align="center"><U><FONT size=7 face="serif">Proxy Voting Policies</FONT></U></P>
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For The BlackRock-Advised Funds</FONT></P>
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<FONT size=5 face="serif">May 30, 2008</FONT></P>
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<FONT size=4 face="serif">Table of Contents </FONT></P>
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	<TD align=left nowrap>&nbsp;	</TD>
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<U><FONT face="serif">Page</FONT></U>	</TD>
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<FONT face="serif">Introduction</FONT>	</TD>
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<FONT face="serif">1</FONT>	</TD>
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<FONT face="serif">Proxy Voting Policies</FONT>	</TD>
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<FONT face="serif">2</FONT>	</TD>
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 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Boards of Directors</FONT>	</TD>
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<FONT face="serif">2</FONT>	</TD>
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 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Auditors</FONT>	</TD>
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<FONT face="serif">2</FONT>	</TD>
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 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Compensation and Benefits</FONT>	</TD>
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<FONT face="serif">2</FONT>	</TD>
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 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Capital Structure</FONT>	</TD>
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 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Corporate Charter and By-Laws</FONT>	</TD>
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<FONT face="serif">3</FONT>	</TD>
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 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Corporate Meetings</FONT>	</TD>
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 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Investment Companies</FONT>	</TD>
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 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT face="serif">Environmental and Social Issues</FONT>	</TD>
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<FONT face="serif">3</FONT>	</TD>
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<FONT face="serif">Reports to the Board</FONT>	</TD>
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<FONT face="serif">4</FONT>	</TD>
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<B><FONT size=4 face="serif">Introduction</FONT></B></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif"> The Trustees/Directors (&#147;Directors&#148;) of the BlackRock-Advised Funds (the &#147;Funds&#148;) have the responsibility for voting proxies relating to portfolio securities of the Funds, and
have determined that it is in the best interests of the Funds and their shareholders to delegate that responsibility to BlackRock Advisors, LLC and its affiliated U.S. registered investment advisers (&#147;BlackRock&#148;), the investment adviser to
the Funds, as part of BlackRock&#146;s authority to manage, acquire and dispose of account assets. The Directors hereby direct BlackRock to vote such proxies in accordance with this Policy, and any proxy voting guidelines that the Adviser determines
are appropriate and in the best interests of the Funds&#146; shareholders and which are consistent with the principles outlined in this Policy.  The Directors have authorized BlackRock to utilize an unaffiliated third-party as its agent to vote
portfolio proxies in accordance with this Policy and to maintain records of such portfolio proxy voting.</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">When BlackRock votes proxies for an advisory client that has delegated to BlackRock proxy voting authority, BlackRock acts as the client&#146;s agent. Under the Investment Advisers Act of 1940 (the
&#147;Advisers Act&#148;), an investment adviser is a fiduciary that owes each of its clients a duty of care and loyalty with respect to all services the adviser undertakes on the client&#146;s behalf, including proxy voting. BlackRock is therefore
subject to a fiduciary duty to vote proxies in a manner BlackRock believes is consistent with the client&#146;s best interests.</FONT><SUP><FONT face="serif">1</FONT></SUP><FONT face="serif">  When voting proxies for the Funds, BlackRock&#146;s
primary objective is to make voting decisions solely in the best interests of the Funds&#146; shareholders. In fulfilling its obligations to shareholders, BlackRock will seek to act in a manner that it believes is most likely to enhance the economic
value of the underlying securities held in client accounts.</FONT><SUP><FONT face="serif">2 </FONT></SUP><FONT face="serif">It is imperative that BlackRock considers the interests of Fund shareholders, and not the interests of BlackRock, when voting
proxies and that real (or perceived) material conflicts that may arise between BlackRock&#146;s interest and those of BlackRock&#146;s clients are properly addressed and resolved.</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">Advisers Act Rule 206(4)-6 was adopted by the SEC in 2003 and requires, among other things, that an investment adviser that exercises voting authority over clients&#146; proxy voting adopt policies
and procedures reasonably designed to ensure that the adviser votes proxies in the best interests of clients, discloses to its clients information about those</FONT></P>
<div style="border-bottom:1px solid #000000; width:100px">&nbsp;</div>
<P align="justify"><SUP><FONT size=2 face="serif">1</FONT></SUP><FONT size=2 face="serif">     &nbsp;&nbsp;&nbsp;Letter from Harvey L. Pitt, Chairman, SEC, to John P.M. Higgins, President, Ram Trust Services (February 12, 2002) (Section 206 of the Investment Advisers Act imposes a
  fiduciary responsibility to vote proxies fairly and in the best interests of clients); SEC Release No. IA-2106 (February 3, 2003). </FONT></P>
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<SUP><FONT size=2 face="serif">2 </FONT></SUP><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;Other considerations, such as social, labor, environmental or other policies, may be of interest to particular clients. While BlackRock is cognizant of the importance of such
considerations, when voting proxies it will generally take such matters into account only to the extent that they have a direct bearing on the economic value of the underlying securities. To the extent that a BlackRock client, such as the Funds,
desires to pursue a particular social, labor, environmental or other agenda through the proxy votes made for its securities held through BlackRock as investment adviser, BlackRock encourages the client to consider retaining direct proxy voting
authority or to appoint independently a special proxy voting fiduciary other than BlackRock. </FONT></P>
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<FONT face="serif">policies and procedures and also discloses to clients how they may obtain information on how the adviser has voted their proxies. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">BlackRock has adopted separate but substantially similar guidelines and procedures that are consistent with the principles of this Policy.  BlackRock&#146;s Equity Investment Policy Oversight
Committee, or a sub-committee thereof (the &#147;Committee&#148;), addresses proxy voting issues on behalf of BlackRock and its clients, including the Funds. The Committee is comprised of senior members of BlackRock&#146;s Portfolio Management and
Administration Groups and is advised by BlackRock&#146;s Legal and Compliance Department.</FONT><B><FONT size=4 face="serif"> </FONT></B></P>
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<B><FONT size=4 face="serif">Proxy Voting Policies</FONT></B></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=4 face="serif">A.
  Boards of Directors </FONT></B></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">These proposals concern those issues submitted to shareholders relating to the composition of the board of directors of companies other than investment companies. As a general matter, the Funds
believe that a company&#146;s board of directors (rather than shareholders) is most likely to have access to important, nonpublic information regarding a company&#146;s business and prospects, and is therefore best-positioned to set corporate policy
and oversee management. The Funds therefore believe that the foundation of good corporate governance is the election of qualified, independent corporate directors who are likely to diligently represent the interests of shareholders and oversee
management of the corporation in a manner that will seek to maximize shareholder value over time. In individual cases, consideration may be given to a director nominee&#146;s history of representing shareholder interests as a director of other
companies, or other factors to the extent deemed relevant by the Committee. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=4 face="serif">B. Auditors</FONT></B></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">These proposals concern those issues submitted to shareholders related to the selection of auditors. As a general matter, the Funds believe that corporate auditors have a responsibility to represent
the interests of shareholders and provide an independent view on the propriety of financial reporting decisions of corporate management. While the Funds anticipate that the Committee will generally defer to a corporation&#146;s choice of auditor, in
individual cases, consideration may be given to an auditors&#146; history of representing shareholder interests as auditor of other companies, to the extent deemed relevant. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=4 face="serif">C. Compensation and Benefits</FONT></B></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">These proposals concern those issues submitted to shareholders related to management compensation and employee benefits. As a general matter, the Funds favor disclosure of a company&#146;s
compensation and benefit policies and oppose excessive compensation, but believe that compensation matters are normally best determined by a</FONT></P>
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<FONT face="serif">corporation&#146;s board of directors, rather than shareholders. Proposals to &#147;micro-manage&#148; a company&#146;s compensation practices or to set arbitrary restrictions on compensation or benefits should therefore generally
not be supported by the Committee.</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=4 face="serif">D. Capital Structure</FONT></B></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">These proposals relate to various requests, principally from management, for approval of amendments that would alter the capital structure of a company, such as an increase in authorized shares. As a
general matter, the Funds expect that the Committee will support requests that it believes enhance the rights of common shareholders and oppose requests that appear to be unreasonably dilutive.</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=4 face="serif">E. Corporate Charter and By-Laws</FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">These proposals relate to various requests for approval of amendments to a corporation&#146;s charter or by-laws, principally for the purpose of adopting or redeeming &#147;poison pills&#148;. As a
general matter, the Funds expect that the Committee will oppose poison pill provisions unless, after consultation with the portfolio managers, it is determined that supporting the poison pill is in the best interest of shareholders. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=4 face="serif">F. Corporate Meetings</FONT></B></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">These are routine proposals relating to various requests regarding the formalities of corporate meetings. As a general matter, the Funds expect that the Committee will support company management
except where the proposals are substantially duplicative or serve no legitimate business purpose. </FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=4 face="serif">G. Investment Companies</FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">These proposals relate to proxy issues that are associated solely with holdings of shares of investment companies, including, but not limited to, investment companies for which BlackRock provides
investment advisory, administrative and/or other services. As with other types of companies, the Funds believe that an investment company&#146;s board of directors (rather than its shareholders) is best-positioned to set fund policy and oversee
management. However, the Funds oppose granting boards of directors authority over certain matters, such as changes to a fund&#146;s investment objective, that the Investment Company Act of 1940 envisions will be approved directly by shareholders.
</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=4 face="serif">H. Environmental and Social Issues</FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="serif">These are shareholder proposals to limit corporate conduct in some manner that relates to the shareholder&#146;s environmental or social concerns. The Funds generally believe that annual shareholder
meetings are inappropriate forums for the discussion of larger social issues, and oppose shareholder resolutions &#147;micro-managing&#148; corporate conduct or requesting release of information that would not help a shareholder evaluate</FONT></P>
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<FONT size=2 face="serif">- 3 -</FONT></P>

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<FONT face="serif">an investment in the corporation as an economic matter. While the Funds are generally supportive of proposals to require corporate disclosure of matters that seem relevant and material to the economic interests of shareholders,
the Funds generally are not supportive of proposals to require disclosure of corporate matters for other purposes. </FONT></P>
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<B><U><FONT size=4 face="serif">Reports to the Board</FONT></U></B></P>
<P align="justify">
<FONT size=2 face="serif"> </FONT><FONT face="serif">BlackRock will report to the Directors on proxy votes it has made on behalf of the Funds at least annually.</FONT><FONT size=2 face="serif"> </FONT></P>
<P align="justify">&nbsp;</P>
<P align="center"><FONT size=2 face="serif">- 4 -</FONT></P>
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